Learn about Incoterms® 2020, with this Allyn International online Incoterms training.
“Incoterms” is a registered trademark of the ICC.
In this Incoterms eLearning we will talk about Incoterms, what they are, what they are used for and how to use them before reviewing the 11 Incoterms of the 2020 edition.
Click this link and visit as a guest to view a short demonstration of this Incoterms 2020 training.
Incoterms® or International Commercial Terms are a series of pre-defined commercial terms used commonly when trading. They notably help define the rights and obligations of buyers and sellers in terms of transport organization, customs responsibilities, and risk coverage.
You can find the 2020 list with some details below.
Following this Incoterms training, the student should be:
- confident when working with or using Incoterms.
- able to exchange in a credible manner with customers, service providers, and other parties when using Incoterms.
- advise on, select, or short list appropriate Incoterms in relation to a logistics and supply chain situation.
Total run time of this Incoterms online course is approximately 80 minutes.
User experience will be longer due to the interactive parts, final exam and reflection time.
This Incoterm eLearning includes a final exam which will help validate the acquired knowledge and provide some practice opportunities.
For individuals working on a regular basis with Incoterms, we strongly recommend the purchase of an official rule book and/or other supportive material from the International Chamber of Commerce eShop.
Incoterms® and the Incoterms® 2020 logo are trademarks of ICC. Use of these trademarks does not imply association with, approval of or sponsorship by ICC unless specifically stated above. The Incoterms® Rules are protected by copyright owned by ICC. Further information on the Incoterm® Rules may be obtained from the ICC website iccwbo.org.
The Incoterms® 2020 list covered in this eLearning:
- EXW, Ex works, means that the seller makes the goods available for pick-up by the buyer at the named place. The buyer is then responsible for all the transport, insurance and customs clearance obligations.
- FCA, Free Carrier, means that the seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place. If the named placed is at the seller’s premises, the seller is responsible for loading, if elsewhere he is not.
- FAS, Free Alongside Ship, means the seller must deliver the goods, cleared for export, alongside the vessel at the named port of shipment and the buyer bears all costs and risks of loss or damage from that point on.
- FOC, Free On Board, means the seller’s export cleared goods are considered delivered once they are on board the vessel in the named port. Once they are on board, the buyer bears all costs and risks of loss or damage from that point on.
- CFR, Carrier and Freight, means the seller must deliver the goods on board a vessel at the agreed destination port even if the risk is transferred to the buyer once the goods are on board the vessel in the port of origin.
- CIF, Carrier, Insurance, Freight, means the seller must deliver the goods on board a vessel at the agreed destination port but the risk is transferred once the goods are on board the vessel in the port of origin. The seller must also provide cargo insurance.
- CPT, Carrier Paid To, means the seller organizes the transport of export cleared goods to the place of destination but the delivery is considered complete and risk is transferred once the goods are handed over to the (first) principal carrier.
- CIP, Carrier and Insurance Paid To, means the seller organizes the transport and insures the export cleared goods to the destination place but the delivery is considered complete and risk is transferred once goods are handed over to the (first) principal carrier.
- DAP, Delivery At Place, means that the seller delivers the goods on an arriving mean of transport still loaded at an agreed destination. The buyer is responsible for the import clearance, unloading and possible further transport.
- DPU, Delivery at Place Unloaded, means that the seller delivers and unloads the goods at a named place. The buyer is responsible for clearing the goods for import and carrying them to their final destination.
- DDP, Delivered Duty Paid, means all the transport, insurance and customs clearance obligations are for the seller who will bear all risks of damage or loss until the goods are delivered to the buyer, cleared for import but still loaded, at the named placed.
The below material is part of the provided Incoterms training and can be downloaded in high quality.