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Glossary term:

Incoterms

International commercial terms. Eleven terms of sale accepted worldwide in assignment of costs and responsibilities between the buyer and the seller. Proposed, updated, and copyrighted by the International Chamber of Commerce (ICC), they serve as global standards for uniform interpretation of common contract clauses in international trade.

In brief these terms are (1) Ex Works (EXW), (2) Free Carrier (FCA), (3) Free Alongside Ship (FAS),  (4) FOB (Free On Board Vessel), (5) Cost and Freight (CFR), (6) Cost, insurance and freight (CIF), (7) Carriage Paid to (CPT), (8) Carriage and Insurance Paid to (CIP), (9) Delivered At Place (DAP), Delivered At Place Unloaded (DPU), Delivered Duty Paid (DDP).

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