Incoterms is an acronym for "International Business Words," and it refers to a collection of commercial terms established by the International Chamber of Commerce (ICC) that govern international trade.
There are currently 11 different incoterms. E, F, C, and D are the four groupings that each type belongs to. The delivery location and who is responsible for funding the cost of each leg of the route establish these groups. The groups are then divided into subcategories, each of which refers to a different scenario.
There are 11 Incoterms currently in use. Some relate to all forms of transportation, while others are peculiar to one. These are the 11 rules, summarised: Ex-Works (EXW): This indicates that the vendor delivers the items to a certain location, generally the seller's factory.
The Incoterms are classified into four groups: E, F, C, and D.
There are four trade terms in Category C (Main Carriage Paid):
CAP (Carriage paid to)
COI (Carriage and Insurance paid to)
CCRF (Cost and Freight)
The CIF (Cost, Insurance and Freight)
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