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ICC 2020

Incoterms® 2020 -The 11 Rules of International Trade

Incoterms® (International Commercial Terms) are rules published by the International Chamber of Commerce (ICC) that define the respective responsibilities of the seller and the buyer in an international transaction: transport, insurance, customs formalities and risk transfer.

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All 11 Incoterms® 2020

EXW
Group E

Ex Works

Ex Works

FCA
Group F

Free Carrier

Free Carrier

CPT
Group C

Carriage Paid To

Carriage Paid To

CIP
Group C

Carriage and Insurance Paid To

Carriage and Insurance Paid To

DAP
Group D

Delivered at Place

Delivered at Place

DPU
Group D

Delivered at Place Unloaded

Delivered at Place Unloaded

DDP
Group D

Delivered Duty Paid

Delivered Duty Paid

FAS
Group F

Free Alongside Ship

Free Alongside Ship

FOB
Group F

Free On Board

Free On Board

CFR
Group C

Cost and Freight

Cost and Freight

CIF
Group C

Cost, Insurance and Freight

Cost, Insurance and Freight

Comparison table -Who pays what?

CodeTransportInsuranceImport dutiesRisk transfer
EXWBuyer-BuyerSeller's premises
FCABuyer-BuyerNamed place of delivery
CPTSeller-BuyerFirst carrier
CIPSellerSellerBuyerFirst carrier
DAPSeller-BuyerNamed place of destination
DPUSeller-BuyerNamed place of destination (unloaded)
DDPSeller-SellerNamed place of destination
FASBuyer-BuyerAlongside the vessel at the named port
FOBBuyer-BuyerOn board the vessel at the named port
CFRSeller-BuyerOn board the vessel at the port of shipment
CIFSellerSellerBuyerOn board the vessel at the port of shipment

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Related resources

Incoterms® 2020 Guide

Complete chapter from the import-export guide

Customs valuation simulator

Calculate the impact of the Incoterm on customs value

Frequently asked questions

What is an Incoterm?
An Incoterm (International Commercial Term) is a standardized rule published by the International Chamber of Commerce (ICC) that defines the obligations of the seller and the buyer in an international trade transaction: who organizes transport, who pays for insurance, where the transfer of risks takes place.
How many Incoterms exist in 2020?
The 2020 version of Incoterms® comprises 11 rules: 7 for any mode of transport (EXW, FCA, CPT, CIP, DAP, DPU, DDP) and 4 reserved for maritime and inland waterway transport (FAS, FOB, CFR, CIF).
What is the difference between FOB and CIF?
In FOB (Free On Board), the seller delivers the goods on board the vessel at the port of shipment. The buyer arranges and pays for main transport and insurance. In CIF (Cost, Insurance and Freight), the seller arranges and pays for main transport AND insurance to the port of destination, but risk transfer remains at the port of shipment.
Do Incoterms affect customs value?
Yes, directly. The Incoterm determines which costs (freight, insurance, handling) are included in the invoiced price. Customs value requires adding or deducting these elements to obtain a CIF/CIP basis (at the EU border). The FOB group requires adding freight (code AK), the DDP group requires deducting post-border costs (code BA).
Can I use a maritime Incoterm for air transport?
No. Incoterms FAS, FOB, CFR and CIF are exclusively reserved for maritime and inland waterway transport. For air, road or multimodal transport, use the any-mode Incoterms: FCA, CPT, CIP, DAP, DPU or DDP.
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