Incoterms
Incoterms is the abbreviation for International Commercial Terms.
These are standardised delivery terms and conditions issued by the International Chamber of Commerce (ICC) in Paris.
These terms of delivery contain detailed clauses for supply contracts and define the transfer of risk and costs between seller and buyer.
The terms of delivery are relevant under customs law when determining the VAT or statistical value for import customs clearance.
General clauses:
- EXW=Ex Works
- FCA=Free Carrier
- CPT=Carriage Paid To
- CIP=Carriage and Insurance Paid to
- DAP=Delivered At Place
- DDU=Delivered at Place Unloaded
- DDP=Delivered Duty Paid
Clauses for sea and inland waterway transport only:
- FAS=Free Alongside Ship
- FOB=Free On Board
- CFR=Cost and Freight
- CIF=Cost, Insurance and Freight
