Incoterms
IncotermsInternational Commercial Terms
A set of eleven standard three-letter terms that say who pays for and who is responsible for each stage of a shipment.
In practice
Published by the ICC and revised in 2020. Each term fixes where risk passes from seller to buyer and who arranges carriage, insurance, export clearance, and import clearance. They do not cover ownership or payment. Always quote with the version and a named place: FOB Singapore Incoterms 2020.
Seen in the wild
Sale is on CIF Rotterdam Incoterms 2020.