Definition
A set of standardised international trade terms published by the International Chamber of Commerce that define the division of costs, risks and responsibilities between buyer and seller. The 2020 edition contains eleven rules, seven for any mode of transport and four for sea and inland waterway. Specifying the correct Incoterm and named place in a contract avoids disputes over who bears freight, insurance and clearance.
Frequently asked questions
What is Incoterms 2020?
A set of standardised international trade terms published by the International Chamber of Commerce that define the division of costs, risks and responsibilities between buyer and seller. The 2020 edition contains eleven rules, seven for any mode of transport and four for sea and inland waterway. Specifying the correct Incoterm and named place in a contract avoids disputes over who bears freight, insurance and clearance.
Which glossary terms are related to Incoterms 2020?
Incoterms 2020 is a documentation term in the South African import/export industry. Related terms in the same area include Air Waybill (AWB), ATA Carnet, Bill of Lading (BoL), Cargo Manifest, Certificate of Conformity — each has its own plain-English definition in the TradeCaravan glossary.