Incoterms®

As we explained in our "what are Incoterms® article", Incoterms® are a standard set of rules developed by the International Chamber of Commerce for the delivery of goods. Incoterms® indicate which party (buyer or seller) to a sales contract bears the risk, costs and responsibilities at any given time during the delivery of goods in a particular international transaction.
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The ICC reviews the Incoterms® rules more or less every ten years and currently promotes eleven Incoterms®. Each Incoterm® has a unique allocation of risk, cost and responsibility for both buyer and seller. The changes made to the Incoterms® rules have primarily been in response to developments in the international transport landscape. A significant development in how goods are delivered internationally has been the introduction of multimodalism.
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As we explained in our "What are Incoterms® rules" article, Incoterms® are a standard set of rules developed by the International Chamber of Commerce for the delivery of goods. Incoterms® indicate which party (buyer or seller) to a sales contract bears the risk, costs and responsibilities at any given time during the delivery of goods in a particular international transaction. The ICC currently approves eleven Incoterms®, and each Incoterm® has a unique allocation of risk, cost and responsibility for both buyer and seller. In this article, we explain the evolution of Incoterms® over the years.
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There are four Incoterms® groupings, with the first letter of the designated international code indicating the category to which each term belongs. The Incoterms® groupings are E, F, C or D terms. In this article, we take a look at  some of the characteristics of each category.
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As we discussed in our 'Incoterms® explained' article, the ICC (International Chamber of Commerce) currently promotes eleven Incoterms®, and each Incoterm® has a unique allocation of risk, costs, and responsibility for both buyer and seller. Certain Incoterms® can only be used for ocean transport, while others can be used for all modes of transport.
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Certain Incoterms® can only be used for ocean transport, while others can be used for all modes of transport. The four Incoterms® that apply specifically to ocean transport are FAS, FOB, CFR, and CIF. The remaining seven Incoterms® can be used for any mode or combination of modes of transport, i.e., multimodalism. This article focuses on CIF and its implications for the seller.
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the ICC (International Chamber of Commerce) currently promotes eleven Incoterms®, and each Incoterm® has a unique allocation of risk, costs, and responsibility for both buyer and seller. Certain Incoterms® can only be used for ocean transport, while others can be used for all modes of transport. The four Incoterms® that apply specifically to ocean transport are FAS, FOB, CFR, and CIF.
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The 2020 revision covers 11 different stages of delivery, with each Incoterm® specifying varying levels of cost, risk and responsibility for an exporter. Incoterms® have nothing to do with payment methods or the point at which ownership passes from the seller to the buyer. They are concerned only with delivery and relate only to the seller and the buyer.
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As we discussed in our 'Incoterms® explained' article, Incoterms® are reviewed more or less every ten years, with the latest version being Incoterms® 2020. The 2020 revision covers 11 different stages of delivery, with each Incoterm® specifying varying levels of cost, risk, and responsibility for an exporter. Incoterms® have nothing to do with payment methods or the point at which ownership passes from the seller to the buyer. They are concerned only with delivery and relate only to the seller and the buyer. This article focuses on Ex Works and its implications for the seller.
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Incoterms® indicate which party to a contract bears the risk, costs, and responsibilities at any given time during the delivery of goods in a particular transaction. The ICC currently promotes eleven Incoterms®, and each term has a unique allocation of risk, cost and responsibility for both buyer and seller. In this article, we list the 11 Incoterm® rules, explain how the terms are categorised and indicate the Incoterms® rules that only apply to ocean transport.
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