International Chamber of Commerce Incoterms

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This dataset contains the information of international chamber of commerce incoterms. International Commercial Terms (‘Incoterms’) are internationally recognized standard trade terms used in sales contracts. They’re used to make sure buyer and seller know:

Who is responsible for the cost of transporting the goods, including insurance, duties, where the goods should be picked up from and transported to and who is responsible for the goods at each step during transportation.

Categories: ,
Complexity

The rules have been developed and maintained by experts and practitioners brought together by ICC. They have become the standard in international business rules setting. Launched in mid-September 2010, Incoterms® 2010 came into effect on 1 January 2011. The trade terms help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.

Please note that all contracts made under INCOTERMS® 2000 before 2011 remain valid. Moreover, although we recommend using Incoterms® 2010, parties to a contract for the sale of goods can agree to choose any version of the Incoterms rules after 2011. However, it is important to clearly specify the chosen version.

Date Created

2010

Last Modified

2010

Version

2010

Update Frequency

Irregular

Temporal Coverage

N/A

Spatial Coverage

World

Source

John Snow Labs; International Chamber of Commerce;

Source License URL

Source License Requirements

N/A

Source Citation

ICC website. The full text of the 2010 edition of the Incoterms rules is available at http//store.iccwbo.org/

Keywords

International Chamber of Commerce, Incoterms, Incoterms Used in International Sale

Other Titles

Incoterm Rules, Incoterms 2010

NameDescriptionTypeConstraints
IncotermA 3 Digit code representing the incotermstring-
Incoterm_ClassificationClassification or rules for Incotermstring-
Incoterm_NameName of incotermstring-
Incoterm_DescriptionDetail Description of incotermstring-
IncotermIncoterm NameIncoterm Description
EXWEx-WorksThe seller makes the goods available to be collected at their premises and the buyer is responsible for all other risks, transportation costs, taxes and duties from that point onwards. This term is commonly used when quoting a price.
FCAFree CarrierThe seller gives the goods, cleared for export, to the buyer’s carrier at a specified place. The seller is responsible for getting them to the specified place of delivery. This term is commonly used for containers travelling by more than one mode of transport.
CPTCarriage Paid ToThe seller pays to transport the goods to the specified destination. Responsibility for the goods transfers to the buyer when the seller passes them to the first carrier.
CIPCarriage and Insurance PaidThe seller pays for insurance as well as transport to the specified destination. Responsibility for the goods transfers to the buyer when the seller passes them to the first carrier. CIP (‘Carriage and Insurance Paid’) is commonly used for goods being transported by container by more than one mode of transport. If transporting only by sea, CIF is often used
DATDelivered at TerminalThe seller pays for transport to a specified terminal at the agreed destination. The buyer is responsible for the cost of importing the goods. The buyer takes responsibility once the goods are unloaded at the terminal.
DAPDelivered at PlaceThe seller pays for transport to the specified destination, but the buyer pays the cost of importing the goods. The seller takes responsibility for the goods until they’re ready to be unloaded by the buyer.
DDPDelivered Duty PaidThe seller is responsible for delivering the goods to the named destination in the buyer’s country, including all costs involved.
FASFree alongside ShipThe seller puts the goods alongside the ship at the specified port they’re going to be shipped from. The seller must get the goods ready for export, but the buyer is responsible for the cost and risk involved in loading them. This term is commonly used for heavy-lift or bulk cargo (eg generators, boats), but not for goods transported in containers by more than one mode of transport (FCA is usually used for this).
FOBFree On BoardThe seller must get the goods ready for export and load them onto the specified ship. The buyer and seller share the costs and risks when the goods are on board. This term is not used for goods transported in containers by more than one mode of transport (FCA is usually used for this).
CFRCost and FreightThe seller must pay the costs of bringing the goods to the specified port. The buyer is responsible for risks when the goods are loaded onto the ship.
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