Incoterms - Wikipedia, The Free Encyclopedia
Incoterms - Wikipedia, The Free Encyclopedia
Incoterms - Wikipedia, The Free Encyclopedia
The Incoterms rules or International Commercial Terms are a series of pre-dened commercial terms published by the International Chamber of Commerce (ICC) that are widely used in International commercial transactions or procurement processes. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. The Incoterms rules are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade. They are intended to reduce or remove altogether uncertainties arising from different interpretation of the rules in different countries. As such they are regularly incorporated into sales contracts[1] worldwide. First published in 1936, the Incoterms rules have been periodically updated, with the eighth version Incoterms 2010 [2]' having been published on January 1, 2011. "Incoterms" is a registered trademark of the ICC.
Contents
1 Incoterms 2010 2 General Transport 2.1 EXW Ex Works (named place of delivery) 2.2 FCA - Free Carrier (named place of delivery) 2.3 CPT Carriage Paid To (named place of destination) 2.4 CIP Carriage and Insurance Paid to (named place of destination) 2.5 DAT Delivered at Terminal (named terminal at port or place of destination) 2.6 DAP Delivered at Place (named place of destination) 2.7 DDP Delivered Duty Paid (named place of destination) 3 Sea and Inland Waterway Transport 3.1 FAS Free Alongside Ship (named port of shipment) 3.2 FOB Free on Board (named port of shipment) 3.3 CFR Cost and Freight (named port of destination) 3.4 CIF Cost, Insurance and Freight (named port of destination) 4 Allocations of costs to buyer/seller according to Incoterms 2010 5 Previous terms from Incoterms 2000 eliminated from Incoterms 2010 5.1 DAF Delivered at Frontier (named place of delivery) 6 =DES Delivered Ex Ship 6.1 DEQ Delivered Ex Quay (named port of delivery) 6.2 DDU Delivered Duty Unpaid (named place of destination) 7 See also 8 References 9 External links
Incoterms 2010
The eighth published set of pre-dened terms, Incoterms 2010 denes 11 rules, reducing the 13 used in Incoterms 2000[3] by introducing two new rules ("Delivered at Terminal", DAT; "Delivered at Place", DAP) that replace four rules of the prior version ("Delivered at Frontier", DAF; "Delivered Ex Ship", DES; "Delivered Ex Quay", DEQ; "Delivered Duty Unpaid", DDU).[4] In the
prior version, the rules were divided into four categories, but the 11 pre-dened terms of Incoterms 2010 are subdivided into two categories based only on method of delivery. The larger group of seven rules applies regardless of the method of transport, with the smaller group of four being applicable only to sales that solely involve transportation over water.it is totally depend on buyers.
General Transport
EXW Ex Works (named place of delivery)
The Seller makes the goods available at his/her premises. This term places the maximum obligation on the buyer and minimum obligations on the seller. The Ex Works term is often used when making an initial quotation for the sale of goods without any costs included. EXW means that a buyer incurs the risks for bringing the goods to their nal destination. The seller does not load the goods on collecting vehicles and does not clear them for export. If the seller does load the goods, he does so at buyer's risk and cost. If parties wish seller to be responsible for the loading of the goods on departure and to bear the risk and all costs of such loading, this must be made clear by adding explicit wording to this effect in the contract of sale. The buyer arranges the pickup of the freight from the supplier's designated ship site, owns the in-transit freight, and is responsible for clearing the goods through Customs. The buyer is responsible for completing all the export documentation. Cost of goods sold transfers from the seller to the buyer.
Seller is responsible for delivering the goods to the named place in the country of the buyer, and pays all costs in bringing the goods to the destination including import duties and taxes. The seller is not responsible for unloading. This term is often used in place of the non-Incoterm "Free In Store (FIS)". This term places the maximum obligations on the seller and minimum obligations on the buyer.
Loading Carriage Unloading on Carriage Export Unloading Loading on Carriage Import Incoterm to port of truck in vessel (Sea/Air) Import customs Insurance in port of truck in port to place of customs 2010 of port of in port to port of taxes declaration import of import destination clearance export export of import export EXW FCA FAS FOB CPT CFR CIF CIP DAT DAP DDP Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller
Buyer/Seller Buyer/Seller
See also
Commercial law International trade International trade law Uniform Commercial Code United Nations Convention on Contracts for the International Sale of Goods
United Nations Code for Trade and Transport Locations (UN/LOCODE) (http://www.unece.org/cefact/locode/service/location.html)
References
1. 2. 3. 4. 5. ^ "ICC Guide to Incoterms 2010" (http://store.iccwbo.org/icc-guide-to-incoterms-2010). ICC. Retrieved March 14 , 2014. ^ "Incoterms 2010" (http://store.iccwbo.org/incoterms-2010). ICC. Retrieved March 14, 2014. ^ "Incoterms 2000" (http://store.iccwbo.org/incoterms-2000). ICC. Retrieved March 14, 2014. ^ "From the introduction of Incoterms 2010" (http://www.iccwbo.org/Incoterms/index.html?id=40772). ICC. Retrieved May 16, 2011. ^ http://www.ifbgroup.net/inco/term_FAS.htm
External links
International Chamber of Commerce - Ofcial website (http://www.iccwbo.org/incoterms) Incoterms - ICC Store (http://store.iccwbo.org/incoterms-2) Incoterms 2010 (http://www.iccwbo.org/products-and-services/trade-facilitation/incoterms-2010/) ICC Guide To Incoterms 2010 (http://store.iccwbo.org/icc-guide-to-incoterms-2010/) Incoterms 2010 Q&A (http://store.iccwbo.org/incoterms-2010-qa/) Export.gov: Incoterms (http://export.gov/faq/eg_main_023922.asp) Retrieved from "http://en.wikipedia.org/w/index.php?title=Incoterms&oldid=600270079" Categories: International trade Commercial item transport and distribution International commerce terms This page was last modied on 19 March 2014 at 06:35. Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-prot organization.