Incoterms were established to create a common set of rules for traders across different countries. Incoterms are a series of three-letter trade terms setup to communicate the tasks, costs, and risks associated with global trade. Incoterms 2020 parameters are as follows,
- ExWorks (EXW)
- Free Carrier (FCA)
- Carriage Paid To (CPT)
- Carriage & Insurance Paid To (CIP)
- Delivered at Place Unloaded (DPU)
- Delivered at Place (DAP)
- Delivered Duty Paid (DDP)
- Free Alongside Ship (FAS)
- Free on Board (FOB)
- Cost & Freight (CFR)
- Cost, Insurance & Freight (CIF)
