Incoterms are international terms agreed upon by international merchants to clearly identify the buyer’s and seller’s responsibilities and risks in connection with freight shipment. There are a total of 11 terms pertaining to distinct delivery phrases, each with a three-letter abbreviation in English. The words were initially published in 1936 and have been updated on a regular basis to reflect changes in logistical procedures and business practices. On 1 January 2020, a new edition of Incoterms 2020 became effective, however it does not supersede prior editions.
exemplified works: EXW;
Buyer is responsible for carriage costs: FCA, FAS, and FOB;
DAP, DPU, and DDP are the modes of delivery.
Seller bears the cost of carriage: CPT, CIP, CFR, and CIF;
Experts expect that the new edition of Incoterms 2020 will be more convenient and straightforward to use, as well as more efficient for enterprises engaged in international trade.
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