INCOTERMS 2020
- Classification of INCOTERMS 2020
- “E” DEPARTURE term – Seller makes the goods available to the buyer at the seller’s premises or other place named by the seller.
- “F” MAIN CARRIAGE UNPAID terms – Seller is responsible to deliver the goods to the export shipment point and carrier designated by the buyer.
- “C” MAIN CARRIAGE PAID terms – Seller is responsible for contracting carriage of goods to the place of destination, but does not assume risk of loss or damage to goods or additional costs due to events occurring after shipment.
- “D” ARRIVAL terms – Seller is responsible for all costs and risks associated with delivering goods to the named place in the country of destination.
Key changes in INCOTERMS 2020 Version
- DAT Incoterm changed to DPU (Delivery at Place Unloaded)
- Insurance cover differs between CIF and CIP
- The Listing of Costs
- Security Requirements
- Own transport
- FCA and Bills of lading
- Presentation and design
Presentation and Design of INCOTERMS 2020
- EXW – Ex-Works (named place of delivery)
- FCA– Free Carrier (named place of delivery)
- FAS– Free Alongside Ship (named port of shipment)
- FOB– Free On Board (named port of shipment)
- CPT– Carriage Paid To (named place of destination)
- CIP– Carriage Insurance Paid (named place of destination)
- CFR– Cost and Freight (named port of destination)
- CIF-Cost Insurance and Freight (named port of destination)
- DPU– Delivered At PLACE Unloaded (named terminal at port or place of destination)
- DAP– Delivered At Place (named place of destination)
- DDP- Delivered Duty Paid (named place of destination