What are Incoterms 2020?
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25 January 2023What is EXW (Ex Works) Incoterms?
25 January 2023
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Incoterms (International Commercial Terms) are a set of internationally recognized terms and definitions that are used in international trade to clearly define the responsibilities of the buyer and the seller for the delivery of goods.
Incoterms 2020 are the latest version of these terms, which were published by the International Chamber of Commerce (ICC) in September 2019. They provide a common language for traders around the world to use in contracts for the sale of goods. The Incoterms 2020 includes 11 terms and each one defines the responsibilities of the buyer and the seller for the delivery of goods, including the cost of transportation, insurance, and customs clearance. Some of the most commonly used Incoterms are:
EXW (Ex Works)
FOB (Free on Board)
CIF (Cost, Insurance and Freight)
CPT (Carriage Paid To)
DAP (Delivered at Place)
DDP (Delivered Duty Paid)
It is important to note that the selection of the appropriate Incoterm depends on the type of transportation and the commercial agreement between the parties.
