Incoterms 2010

The Incoterms® rules are a standard set of trade terms used worldwide in international and domestic contracts of sales. The terms defines the obligation, costs and risks of sellers and buyers in connection to delivery of goods.

Incoterms® 2010 comprises of 11 terms
Some terms can be used only for sea and inland water transport, whereas others can be used irrespective of the mode of transport.

Summary of Incoterms® 2010:
(Click on a term for additional information)   

Any Mode or Modes of Transport                        Sea and Inland Water Transport only
EXW Ex works...  FAS Free Alongside Ship...                         
FCA Free Carrier... FOB Free On Board...                         
CPT Carriage Paid To... CFR Cost and Freight...                         
CIP Carriage and Insurance Paid to... CIF Cost, Insurance and Freight...                         
DAT Delivered At Terminal...       (NEW)                          
DAP Delivered At Place...            (NEW)             
DDP Delivered Duty Paid...                          

In order to use the Incoterms® 2010, they must be incorporated into the contract of sales. The reference must be to the specific version of Incoterms. For example: FCA Strandgade 3, Copenhagen, Denmark Incoterms® 2010

Download Nordea Trade Finance fact sheet on Incoterms® 2010PDF

Incoterms® 2010 is in effect as of 1 January 2011 and replaces the Incoterms 2000. The Incoterms are published by the International Chamber of Commerce (ICC)Opens new window