Navigating Incoterms

Streamlining International Trade Agreements

What is an Incoterm?

Incoterms is an abbreviation of international commercial terms. Incoterms are an internationally recognised 3 letter trade terms that best describe the practical arrangements for the delivery of goods between a seller and buyer, outlining the obligations, costs and risks between the 2 parties.

As an exporter, you need to be ensuring that shipping and delivering responsibilities are written down and clearly understood between your customer/s. A few points to take into consideration when deciding upon the best incoterm for yourself and a customer:

Who handles and pay for insurance
Who handles customs procedures
Who pays any duties and taxes
Incoterms are there to make sure responsibilities such as the delivery, custom procedures and duties are clearly defined and agreed.

Incoterms are updated every 10 years to accommodate the needs and features of the logistics industry. The last update came in on January 1st 2020, they introduced the new incoterm ‘DPU’ replacing the old incoterm ‘DAT’. Please see below the current 11 incoterms that will be in place until the end of 2029:

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
FAS — Free Alongside Ship
FOB — Free On Board
CFR — Cost and Freight
CIF — Cost Insurance and Freight
Read more —

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