Types of Incoterms

What is Incoterms in Import Export Business?

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Incoterms are basically the standard terms in the import export business that is revised or updated every ten years by the International Chamber of Commerce (ICC). Soon the ICC will update the Incoterms for 2020 with the renowned regulations. Incoterms smoothens the business process and helps the importer or the exporter to follow a basic and systematic approach towards the trade.

Types of Import Export Incoterms

  1. CIF (Cost, Insurance and Freight)
  2. CIP (Carriage and Insurance Paid to)
  3. CFR (Cost and Freight)
  4. CPT (Carriage paid to)
  5. DAT (Delivered at Terminal)
  6. DAP (Delivered at Place)
  7. DDP (Delivery Duty Paid)
  8. EXW (Ex Works)
  9. FAS (Free Alongside Ship)
  10. FCA (Free Carrier)
  11. FOB (Free on Board)

Every incoterm defines a unique process in the import export business. Please write to us your queries or visit www.gfebusiness.org for more information on types of incoterms.

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