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INCOTERMS 2000

The incoterms are a universally recognized set of definitions of international trade terms such as FOB, CFR and CIF, developed by the International Chamber of Commerce (ICC) in Paris, France.

There are 13 main terms and several secondary terms.

These denote the points at which shipper, carrier and consignee risks and responsibilities begin and end. It is an invaluable and cost saving tool.

Many importers and exporters worldwide are accustomed to and may still use the Incoterms 1980, the predecessor of Incoterms 1990 and Incoterms 2000.

Under Incoterms 2000, there are four groups that are shown as below.

Group C
The "C" terms mean that the seller arranges for transportation to arrival port or airport.


CFR - Cost and Freight
CIF - Cost, Insurance and Freight
CPT - Carriage Paid To
CIP - Carriage and Insurance Paid To

 
Group D
The "D" terms mean that the seller bears all the necessary expenses and risks involved in transporting the goods to the <named> place of destination.

DAF - Delivered at Frontier
DES - Delivered Ex Ship
DEQ - Delivered Ex Quay
DDU - Delivered Duty Unpaid
DDP - Delivered Duty Paid
     
Group E
The "E" term means that the seller's obligations are limited to placing the goods at the disposal of the buyer at the seller's premises or another< named> place.

EXW - Ex Works
 
Group F
The "F" terms mean that the seller's obligations are limited to the delivery of the goods to the carrier.

FCA - Free Carrier
FAS - Free Alongside Ship
FOB - Free On Board