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Incoterms 2020 Chart

All 11 terms at a glance — who pays freight, insurance, and customs at every stage. Click any term for the full breakdown.

Stage of journey
Transport modeanyanyseaseaseaseaanyanyanyanyany
Export clearanceBuyerSellerSellerSellerSellerSellerSellerSellerSellerSellerSeller
Pre-carriage (origin inland)BuyerSellerSellerSellerSellerSellerSellerSellerSellerSellerSeller
Loading at originBuyerBuyerBuyerSellerSellerSellerSellerSellerSellerSellerSeller
Main carriageBuyerBuyerBuyerBuyerSellerSellerSellerSellerSellerSellerSeller
InsuranceOptionalOptionalOptionalOptionalOptionalSeller (min)OptionalSeller (all)OptionalOptionalOptional
Destination chargesBuyerBuyerBuyerBuyerBuyerBuyerBuyerBuyerBuyerSellerSeller
Import duties & clearanceBuyerBuyerBuyerBuyerBuyerBuyerBuyerBuyerBuyerBuyerSeller
Delivery to destinationBuyerBuyerBuyerBuyerBuyerBuyerBuyerBuyerSellerSellerSeller
FOBSea & inland waterway only

Free On Board

Seller loads goods on board vessel

Risk transfers: When goods are on board the named vessel at the port of shipment

Seller's obligations

  • ✓Export clearance and export duties
  • ✓Inland freight to origin port
  • ✓Loading goods on board the vessel

Buyer's obligations

  • →Nominate vessel and freight booking
  • →International ocean freight
  • →Insurance (optional)
  • →Destination port charges and unloading
  • →Import clearance and import duties
  • →Delivery to final destination

Best for

Bulk cargo, break-bulk cargo, and cases where the buyer wants full control of freight costs and carrier selection

Caution

Containerised FCL/LCL shipments — use FCA instead, as container risk technically transfers before loading

Legend:Seller pays/responsibleBuyer pays/responsibleSeller — minimum insuranceSeller — all-risks insuranceOptional / not required

Any transport mode (7 terms)

Sea & inland waterway only (4 terms)

Frequently asked questions

What changed in Incoterms 2020 vs 2010?
Three key changes: (1) DAT was renamed DPU — 'Delivered at Place Unloaded' now applies to any location, not just terminals. (2) FCA allows buyers to instruct their carrier to issue an on-board bill of lading to the seller, useful in Letters of Credit. (3) CIP now requires All Risks insurance (Institute Cargo Clauses A) instead of the minimum cover previously required. Security obligations were also made more explicit across several terms.
Is FOB still correct for containerised shipments?
Technically no. Once goods are handed to the carrier at the Container Freight Station or Container Yard, the seller loses practical control. Risk transfers before goods are 'on board' the vessel. The ICC recommends FCA for containerised freight — the named place would be the container yard or CFS terminal.
What is the difference between CIF and CIP?
Both terms require the seller to pay freight and insurance. The difference is the insurance level and the transport mode. CIF (sea only) requires only minimum insurance — Institute Cargo Clauses C. CIP (any mode) requires all-risks insurance — Institute Cargo Clauses A. For valuable goods shipped by air or in containers, CIP offers much better protection.
Under DDP, who is the importer of record?
Under DDP, the seller is responsible for import clearance and must pay all import duties. This means the seller — or their agent — must act as the Importer of Record in the buyer's country. This requires either a registered entity in the destination country or a licensed customs broker who can import on the seller's behalf. Without this, DDP is extremely risky and often results in goods being held at customs.

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