EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAF, DES, DEQ, DDU, ET DDP. Incoterms are the official rules for the worldwide interpretation of trade terms developed under the auspices of the International Chamber of Commerce, Paris, France. Incoterms are recognized by the United Nations Commission on International Trade Law as the global standard for such interpretation.
Incoterms define the responsibilities of buyer and seller for delivery of goods under sales contracts. They are the authoritative text for determining how costs and risks are allocated to the parties. These terms are regularly incorporated into sales contracts worldwide and have become part of the daily language of trade.
Incoterms 2000, the first revision in ten years, contains the official ICC text of the thirteen trading terms. It takes into account the latest developments in commercial practice and modifies some the existing terms bringing them into line for use in the new millennium. Most sales contracts drafted after January 1, 2000, will make reference to this latest revision in the text of their contract.
Incoterms 2000 continues a 60-year tradition of the ICC and provides importers, exporters, lawyers, transporters, insurers and students in the international arena with a modern text reflecting the latest changes in the trading environment. This new edition contains a lively, updated format for ease-of-use and ease-of-reference.
Incoterms 2000 will be the definitive text for all those engaged in international trade and commerce in the 21st century.