Incoterms 2020 summary

Any Mode of Transport

• EXW
  - Ex Works - Seller is only responsible for having the goods packed made available at the seller's premises. The buyer bears the full risk and costs from there to the destination - including the loading of the cargo.
• FCA
  - Free Carrier - Seller is only responsible for delivery to the named place. The seller is responsible for the loading. Risk and cost are transferred to the buyer as soon as delivered at the named place. Unloading is the buyer's responsibility
• CPT
  - Carriage Paid To - Seller arranges the transportation and costs to the named destination. Risk is transferred to the buyer once delivered at the first carrier.
• CIP
  - Carriage and Insurance Paid to - Seller arranges the transportation, costs, and insurance on behalf of the buyer to the named place at the destination. Risk is transferred to the buyer once delivered at the first carrier. The seller must obtain extensive insurance cover complying with insurance Cargo Clauses (A) or a similar clause in the buyer's name.
• DAP
  - Delivered at Place - Seller delivers the goods to the agreed place at the destination. Seller assumes all costs and risks until the goods are ready for unloading at the named place of destination.
• DPU
  - Delivered at Place Unloaded - Seller assumes all costs and risks until the goods are unloaded at the agreed named place of destination. The buyer is responsible for import customs formalities.
• DDP
  - Delivery Duty Paid - Seller delivers goods to the agreed place destination. Seller assumes all costs - including import formalities and risks until the goods are ready for unloading at named place of destination

Sea and Inland Waterway Transport

• FAS
  - Free Alongside Ship - Seller is responsible for delivering goods at the port alongside the vessel. From this point, onwards risk and cost transfer to the buyer.
• FOB
  - Free on Board - Seller is responsible for goods loaded onboard the vessel. Risk and cost are transferred as soon as the goods have been loaded on board the vessel.
• CFR
  - Cost and Freight - Seller covers freight costs to the named port of destination or place. Risk is transferred as soon as the goods have been loaded on board the vessel.
• CIF
  - Cost, Insurance, and Freight - Seller covers insurance and freight costs to the named port of destination or place. Risk is transferred as soon as the goods have been loaded on board the vessel. Seller is required to obtain the minimum insurance cover complying with Institute Cargo Clauses (C) in the buyer's name