Logistics terms · Logistics terms
What does Incoterms 2020 mean in logistics?
Short answer
The International Chamber of Commerce rules that define, in three letters, who arranges and pays for each part of international delivery and where risk passes from seller to buyer. There are 11 terms: seven for any mode and four (FAS, FOB, CFR, CIF) for sea and inland waterway only.
Incoterms apply only if written into the sales contract, for example "FOB Nhava Sheva, Incoterms 2020". Ask our desk how this applies to your consignment.
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The numbers behind this answer
- Also called
- Incoterms
- Category
- EXIM & customs
- Related terms
- FOB (Free On Board), CIF (Cost, Insurance and Freight), EXW (Ex Works), DDP (Delivered Duty Paid)
Related questions
- What does CFR (Cost and Freight) mean in logistics?
- What does CIF (Cost, Insurance and Freight) mean in logistics?
- What does CIP (Carriage and Insurance Paid To) mean in logistics?
- What does CPT (Carriage Paid To) mean in logistics?
- What does DAP (Delivered at Place) mean in logistics?
- What does DDP (Delivered Duty Paid) mean in logistics?
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