Utility INCOTermsIndex

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What are INCO terms?

The terms of sale for International business are more complex than those used in domestic contracts so in the 1920's international traders developed a set of trade terms to describe their rights and obligations with regard to the sale and transport of goods. These terms consisted of short abbreviations for lengthy contract provisions. Unfortunately there was no uniform interpretation of these terms so to improve this the International Chamber of Commerce (ICC) developed INCO terms (INternational COmmercial Terms). First published in 1936 these rules have been periodically revised to account for changing modes of transport, document delivery and security.

The latest revision INCO terms 2020 cane into force on January 1st 2020

h1>INCO term Groups

There are 4 groups

• E- Departure – Seller merely makes goods available to the buyer and the sellers is not responsible for the carriage, risks or cost of transportation.

• F- Main Carriage Unpaid – Seller has full responsibility )Carriage, risk and cost) to get the goods to the point where the main transportation starts. Typically this means to a ship or a port. In SkySuite transport chains we call this the handover point. • C- Main Carriage Paid – very similar to Group F except that the seller is responsible for some elements (Cost and/or risk) during the main transportation • D- Arrival – Seller is responsible for some elements beyond the completion of the main transportation