Incoterms® 2010: Defining Obligations, Costs and Risks in Delivery of Goods

Incoterms® 2010
Defining obligations, costs and risks Incoterms® 2010 can be grouped as follows:
in delivery of goods. The “E” rule – “departure” (EXW).

The seller’s obligation is limited to placing the
The Incoterms® are a standard set of trade rules goods at the disposal of the buyer at the seller’s
used worldwide in international and domestic premises or another named place.
contracts of sale. The rules defines the obligations,
costs and risks of sellers and buyersin connection The “F” rules – “main carriage not paid by
to delivery of goods. the seller” (FCA, FAS and FOB).
The seller delivers the goods to the carrier at
Incoterms® 2010 comprises of 11 rules a place named by the buyer.
Some rules can be used for sea and inland waterway
transport only, whereas others can be used irrespec- The “C” rules – “main carriage paid by
tive of the mode of transport. the seller” ( CPT, CIP, CFR and CIF).
The seller arranges for transportation, but does
Rules for any mode or modes of transport EXW, FCA, not bear the risk of loss or damage to the goods
CPT, CIP, DAT, DAP and DDP. or any additional costs due to events occurring
after the shipment.
Rules for sea and inland water transport only FAS,
FOB, CFR and CIF. The “D” rules – “arrival” (DAT, DAP and DDP).
The seller bears all necessary expenses and risks
The Incoterms® 2010 are published by the Interna- involved in transporting the goods to the named
tional Chamber of Commerce (ICC) and replaces place of destination.
the Incoterms 2000.
Incoterms® must be accompanied by a named place
Note! When trading under a documentary credit and a reference to the Incoterms, for example:
(DC), ensure that the terms of the DC correspond “EXW Strandgade 3, Copenhagen,
to the Incoterms® rule used. Denmark Incoterms® 2010”
Incoterms® 2010
Nordea Bank AB (publ) Marketing 04.11 (1976-00861)

Any mode or modes of transport Seller Buyer
Ex Works The seller must deliver the goods by placing

EXW EXW (place of delivery) them at the disposal of the buyer at the agreed
point.
Incoterms® 2010
Free Carrier The seller must deliver the goods to the carrier
FCA FCA (place of delivery) at the agreed point, at the named place on
the agreed date or within the agreed period.
Incoterms® 2010
Carriage Paid to The seller must deliver the goods by handing

CPT CPT (place of destination) them over to the carrier contracted
(Seller contracts for carriage).
Incoterms® 2010
Carriage and Insurance Paid to The seller must deliver the goods by handing
CIP CIP (place of destination) them over to the carrier contracted
(Seller contracts for carriage and insurance).
Incoterms® 2010
Delivered at Terminal The seller must unload the goods and must
DAT DAT (terminal at port or place then deliver them by placing them at the
disposalof the buyer at the named terminal.
of destination) Incoterms® 2010
The seller must deliver the goods by placing.
Delivered at Place
DAP DAP (place of destination)
them at the disposal of the buyer on the arriving
means of transport ready for unloading at
Incoterms® 2010 the named place of destination.
Delivered Duty Paid The seller must deliver the goods by placing them
DDP DDP (place of delivery) at the disposal of the buyer on the arriving means
of transport ready for unloading at the named
Incoterms® 2010 place of destination.
Sea and inland water transport only Seller Buyer

The seller must deliver the goods by placing
Free Alongside Ship
FAS FAS (port of shipment)
them alongside the ship at the loading point
at the named port of shipment.
Incoterms® 2010
Free on Board The seller must deliver the goods by placing
FOB FOB (port of shipment) them on board the vessel at the loading point
at the named port of shipment.
Incoterms® 2010
Cost and Freight
CFR
The seller must deliver the goods by placing
CFR (port of destination) wthem on board the vessel
Incoterms® 2010 (Seller contracts for carriage).
Cost, Insurance and Freight The seller must deliver the goods by placing
CIF CIF (port of destination) them on board the vessel
(Seller contracts for carriage and insurance).
Incoterms® 2010
This chart should not be used alone, but e.g. together with the ICC Incoterms® 2010 Rule Book.
= delivery (the risk passed from the seller to the buyer at the delivery point)
!
Nordea Trade Finance:
• Located in Denmark, Finland, Norway and Sweden as well as in China, Estonia,

Germany, Latvia, Lithuania, Poland, Russia, Singapore, UK and USA.
• Offers a full range of trade finance services including collections, documentary
credits and guarantees as well as trade finance related e-solutions.
• Is the largest Trade Finance Bank in the Nordic region.
nordea.com/tradefinance

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Incoterms® 2010

in delivery of goods. The “E” rule – “departure” (EXW).

Nordea Bank AB (publ) Marketing 04.11 (1976-00861)

Ex Works The seller must deliver the goods by placing

Carriage Paid to The seller must deliver the goods by handing

Sea and inland water transport only Seller Buyer

• Located in Denmark, Finland, Norway and Sweden as well as in China, Estonia,

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