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Incoterms Explained

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About Course

ICC’s world-renowned Incoterms® rules facilitate trillions of dollars in global trade each year.

What are Incoterms® rules?

The Incoterms® rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms® rules are there to guide you. The Incoterms® rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.

Who publishes the Incoterms® rules?

Since its founding in 1919, ICC has been committed to the facilitation of international trade.

Different practices and legal interpretations between traders around the world necessitated a common set of rules and guidelines. As a response, ICC published the first Incoterms® rules in 1936.

The world business organization was pleased to announce the publication of Incoterms® 2020, as ICC celebrated its Centenary in 2019. The newest edition of the Incoterms® rules will help prepare business for the next century of global trade.

What does “Incoterms®” stand for?

“Incoterms®” is an acronym standing for international commercial terms. “Incoterms®” is a trademark of the International Chamber of Commerce, registered in several countries.

The Incoterms® rules feature abbreviations for terms, like FOB (“Free on Board”), DAP (“Delivered at Place”) EXW (“Ex Works”), CIP (“Carriage and Insurance Paid To”), which all have very precise meanings for the sale of goods around the world.

These terms hold universal meaning for buyers and sellers around the world. If you are a financial analyst in the City of London, then you might associate the acronym “FCA” with the United Kingdom’s Financial Conduct Authority. However, for importers and exporters around the world, FCA is the initials used for “Free Carrier,” or the seller’s obligation to deliver the goods to the carrier nominated by the buyer at the seller’s premises or another named place.

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What Will You Learn?

  • Learn about various terms used in International Logistics.
  • Essential for Logistics professionals and those in international trade

Course Content

Session 1 Domestic logistics

  • cost & risk involved in domestic transport

Session 2 International logistics

Session 3 International Chamber of Commerce

Session 4 Incoterms rules

Session 5 11 Incoterms, EXW

Session 6 DDP & FOB

Session 7 CIF & other terms

Session 8 Clarifications answered

Session 9 Summary of incoterms

Student Ratings & Reviews

Total 3 Ratings
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11 months ago
The session was very good and benefited especially for the beginners
12 months ago
By this program i have Learnt various terms used in International Logistics,Thanks to Raman sir
12 months ago
It is very useful for the beginners like me to gain some basics
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