The ICC Incoterms® rules have become an essential part of the daily language of trade. They have been incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade.
Below you will find some of the most frequently asked questions about ICC Incoterms®. If you have questions that are not covered here, please get in touch.
ICC Incoterms® rules define the responsibilities of buyers and sellers for the delivery of goods under sales contracts. They are the authoritative rules for determining how costs and risks are allocated to the parties.
The purpose of ICC Incoterms® is to precisely define three aspects of international trade:
1. The allocation of logistics costs between seller and buyer.
2. The transmission of risks in transporting the goods.
3. The documents and customs formalities necessary for export and import operations.
All professionals involved in foreign trade should understand ICC Incoterms®: exporters and importers, carriers and freight forwarders, customs brokers, insurers, international credit professionals, sales and purchasing managers, consultants, etc.
ICC Incoterms® 2010 are classified in two categories according to the mode of transport:
Incoterms for any mode or modes of transport
EXW Ex Works
FCA Free Carrier
CPT Carriage Paid To
CIP Cost, Insurance and Freight
DAT Delivered At Terminal
DAP Delivered At Place
DDP Delivered Duty Paid
Incoterms for sea and inland waterway transport
FAS Free Alongside Ship
FOB Free On Board
CFR Cost and Freight
CIF Cost, Insurance and Freight
ICC Incoterms® 2020 will be published in the autumn. More information on dates and timings will be available in mid-June.
Yes, the official UK launch event is on 15 October in London at Gowling WLG. If you would like to register to attend the event, please email firstname.lastname@example.org
The launch will be followed by regional roadshow events and training seminars and supported with a communications campaign.
To make ICC Incoterms® 2020 as widely available as possible across the UK business community worldwide.
To ensure the correct usage of ICC Incoterms® by ensuring all UK companies have access to certified ICC training and support.
There are strict rules around the use of the ICC Incoterms® brand. These are listed on page 125 of Incoterms® 2010.
Use of the terms ICC or Incoterms® is prohibited unless authorised under licence by ICC United Kingdom. Authorised partners will be the only licenced bodies.
ICC Incoterms® 2020 comes at a difficult time for UK companies when they will likely be already dealing with a significant additional paperwork burden for the handling of tax, customs duties, tariffs and passports. We want to help ensure the introduction of ICC Incoterms® 2020 is as smooth as possible with minimal additional burden.
ICC Incoterms® is an ICC product. Advice and guidance from any other source than ICC or a licenced ICC partner cannot be guaranteed as accurate and therefore should not be trusted. A list of licenced partners and the advice they can provide is available here.
If you require further information, please send an email to email@example.com.