# ICC Incoterms®

*Last updated: 2026-06-24*

> Incoterms® (International Commercial Terms), published by the International Chamber of Commerce and currently in their 2020 edition, are eleven standardized trade clauses that define the precise point at which costs, risks, and delivery responsibilities transfer from seller to buyer in international goods transactions.

Incoterms® (International Commercial Terms), published by the International Chamber of Commerce and currently in their 2020 edition, are eleven standardized trade clauses that define the precise point at which costs, risks, and delivery responsibilities transfer from seller to buyer in international goods transactions. The range runs from EXW (Ex Works), where the buyer assumes responsibility from the seller's premises, through FOB (Free on Board) and CIF (Cost, Insurance and Freight) for sea freight, to DDP (Delivered Duty Paid), where the seller covers all costs including import duties to the named destination. DAP (Delivered at Place) and CPT (Carriage Paid To) are widely used in multimodal transport. Freight forwarders and customs brokers rely on the agreed Incoterm to determine who files export and import declarations, who arranges cargo insurance, and who bears liability for loss or damage in transit. Incoterms govern only the buyer–seller relationship; they do not replace contracts of carriage, insurance policies, or letter-of-credit conditions.

**Source:** [https://iccwbo.org/business-solutions/incoterms-rules/](https://iccwbo.org/business-solutions/incoterms-rules/)

## Quick Facts

| Property | Value |
|---|---|
| Term | ICC Incoterms® |
| Language | EN |
| Word count | 156 |
| Last updated | 2026-06-24 |
| Source | https://iccwbo.org/business-solutions/incoterms-rules/ |

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