Incoterms 2023 Chart: free PDF download, standardized guide outlining responsibilities in international trade.
An Incoterm (International Commercial Term) is a set of rules that helps buyers and sellers determine who will be responsible for expenses such as transportation, insurance, and import/export fees when buying or selling something internationally. This standard helps to avoid misunderstandings and disputes between buyers and sellers.
Incoterms are a widely-used set of 11 internationally recognized rules that define the responsibilities of sellers and buyers in international trade. These rules specify who is responsible for paying and managing the shipment, insurance, documentation, customs clearance, and other logistical activities.
What are the types of incoterms?
There are 11 types of Incoterms that define the responsibilities of buyer and seller in international trade. Each type is divided into four groups: E, F, C and D
- Incoterms for any mode or modes of transport:
This group includes the following Incoterms that can be used for any mode of transportation, including road, rail, air, and sea:
- EXW (Ex Works)
- FCA (Free Carrier)
- CPT (Carriage Paid To)
- CIP (Carriage and Insurance Paid To)
- DAP (Delivered at Place)
- DPU (Delivered at Place Unloaded)
- DDP (Delivered Duty Paid)
- Incoterms for sea and inland waterway transport:
This group includes the following Incoterms that are specifically designed for the delivery of goods by sea or inland waterway:
- FAS (Free Alongside Ship)
- FOB (Free on Board)
- CFR (Cost and Freight)
- CIF (Cost, Insurance, and Freight)
Incoterms 2020 Chart
“The Incoterms® 2020 Rules, the 9th revision, came into effect on January 1st, 2020. Incoterms® has been adopted by over 120 countries.”
|Incoterms 2023||Loading at origin||Export customs declaration||Carriage to port of export||Unloading of truck in port of export||Loading on vessel/airplane in port of export||Carriage (sea/air) to port of import||Insurance||Unloading in port of import||Loading on truck in port of import||Carriage to place of destination||Import customs clearance||Import duties and taxes||Unloading at destination|
Rules for any mode of transport
- EXW (Ex Works): The seller makes the goods available at their premises, and the buyer is responsible for all transportation costs and risks from that point on.
- FCA (Free Carrier): The seller delivers the goods to a carrier or another person nominated by the buyer at a named place, and the buyer is responsible for all transportation costs and risks from that point on.
- CPT (Carriage Paid To): The seller is responsible for the transportation costs to the named place of destination, and the buyer is responsible for all risks from that point on.
- CIP (Carriage and Insurance Paid To): The seller is responsible for the transportation costs and insurance to the named place of destination, and the buyer is responsible for all risks from that point on.
- DAP (Delivered at Place): The seller is responsible for the delivery of goods to the named place of destination, but the buyer is responsible for unloading and all risks from that point on.
- DPU (Delivered at Place Unloaded): The seller is responsible for the delivery of goods to the named place of destination and unloading, but the buyer is responsible for all risks from that point on.
- DDP (Delivered Duty Paid): The seller is responsible for all costs and risks of delivering the goods to the named place of destination, including import duties and taxes.
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