What Are Incoterms?
Incoterms® 2020 are a set of uniform rules for the interpretation of commercial terms defining the costs, risks, and obligations of buyers and sellers in international transactions for the sale of goods (not services). Incoterms were originally developed by the ICC (International Chamber of Commerce) in Paris in 1936 and have undergone numerous revisions. The latest revision is Incoterms® 2020, which went into force January 1, 2020.
The World Trade Press “Illustrated Guide to Incoterms® 2020” is an industry-standard reference guide designed to help importers, exporters, bankers, attorneys, and logistics professionals understand how to properly use Incoterms in international contracts for the sale of goods.
The guide is well-organized, heavily illustrated, and is written in understandable language.
This guide includes:
- How and when to use Incoterms 2020
- What Incoterms are designed to do
- What Incoterms are not designed to do
- The relationship of Incoterms 2020 to contracts for the sale of goods
- Sample language for the inclusion of Incoterms into contracts
- Organization of Incoterms 2020
- Modes of transport applicable to each Incoterm
- Incoterms user notes
For each of the 11 Incoterms 2020, the guide provides:
- Graphics showing: a) Seller’s Risks and Costs, and b) Buyer’s Risks and Costs throughout the transportation continuum, from seller’s/exporter’s premises to buyer’s/importer’s premises
- Definition of the term
- Examples of the term
- Incoterm Category
- Modes of transport covered
- 10 Seller’s Responsibilities
- 10 Buyer’s Responsibilities
The 11 Incoterms 2020 are:
- 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 and Insurance Paid To (…named place of destination)
- CFR – Cost and Freight (…named port of destination)
- CIF – Cost Insurance and Freight (…named port of destination)
- DAP – Delivered at Place (…named place of destination)
- DPU – Delivered at Place Unloaded (…named place of destination)
- DDP – Delivered Duty Paid (…named place of destination)
*Trademark and Copyright Notice
Incoterms® is a registered trademark of the International Chamber of Commerce (ICC) and is used here for informational purposes only. This illustrated guide is independently authored and published and is not sponsored by, endorsed by, or affiliated with the ICC. The full text of Incoterms® 2020 (193 pages) is contained in ICC publication No. 723E, ISBN 978-92-842-0510-3. For more information, contact ICC Publishing S.A., 33-43 avenue du President Wilson, 75116 Paris, France, Tel: + (0) 1 49 53 28 28, www.iccbooks.com, www.iccwbo.org. The World Trade Press Illustrated Guide to Incoterms® 2020 is © Copyright 2009–2020 by World Trade Press.
Who Should Purchase This Report?
The World Trade Press “Illustrated Guide to Incoterms® 2020” is an essential resource for international buyers/importers, sellers/exporters, product brokers, logistics professionals, international bankers, international attorneys, trade associations, chambers of commerce, and students of international trade.
Edward G. Hinkelman is an international economist (Tufts University, University of Paris) with more than 40 years’ experience as an importer and exporter.
Mr. Hinkelman is the author of the industry-standard Dictionary of International Trade (now in the 13th edition), the Short Course in International Payments (now in the 4th edition), the Short Course in International Trade Documentation (now in the 3rd edition), and Importers Manual USA (now in the 4th edition).
Mr. Hinkelman has been a featured speaker at many industry seminars related to topics of international trade, economics, and publishing, as well as a visiting lecturer at Tufts University, the University of California at Berkeley, the University of Michigan, and San Francisco State University.
This report is available in bulk quantities with a customized cover with your firm’s logo, tagline, and company colors. We can also add specialized content to your specifications.
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