{"id":10604,"date":"2025-09-24T13:36:12","date_gmt":"2025-09-24T13:36:12","guid":{"rendered":"https:\/\/en.samskip.webdev.is\/?page_id=10604"},"modified":"2026-01-29T09:22:23","modified_gmt":"2026-01-29T09:22:23","slug":"incoterms","status":"publish","type":"page","link":"https:\/\/www.samskip.is\/en\/transport\/incoterms\/","title":{"rendered":"Incoterms"},"content":{"rendered":"
\"Click<\/a><\/span><\/div><\/div><\/div>

Incoterms<\/h2>\n<\/div>

Incoterms\u00ae 2020 are standardized trade terms (e.g., FCA, FOB, and CIF) issued by the <\/b> International Chamber of Commerce (ICC).<\/u><\/a><\/p>\n

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The Iceland Chamber of Commerce<\/u><\/b><\/a> is a member of the ICC. Incoterms\u00ae 2020 enable exporters to provide price quotations in which the allocation of costs and risks incurred during the transport of goods between the seller and the buyer is clearly defined.<\/p>\n

There are eleven (11) Incoterms\u00ae, which can be viewed as steps in the transfer of responsibilities for transport, payment of costs, and the risk of loss or damage from the seller to the buyer. EXW<\/strong> (\u201cEx Works\u201d) is the Incoterm that places the fewest obligations on the seller and is typically used when delivery of the goods takes place at the seller\u2019s premises. At the other end of the scale is DDP<\/strong> (\u201cDelivered Duty Paid\u201d), which places the greatest obligations on the seller and is used, for example, when delivery takes place at the buyer\u2019s premises.<\/p>\n

The Incoterms\u00ae that apply exclusively to sea and inland waterway transport are:<\/span>
\nFAS<\/strong>, FOB<\/strong>, CFR,<\/strong> and CIF<\/strong>.<\/p>\n

The Incoterms\u00ae that apply to containerized transport and all modes of transport, including multimodal transport, are:<\/span>
\nEXW<\/strong>, FCA<\/strong>, CIP<\/strong>, CPT<\/strong>, DAT<\/strong>, DAP,<\/strong> and DDP<\/strong>.<\/p>\n<\/div>\n<\/div><\/div><\/div>

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IMPORTANT NOTE:<\/strong> <\/span>Incoterms\u00ae are terms of sale in a contract between the buyer and the seller<\/strong> and should not be confused with contracts of carriage between the shipper and the carrier. However, trading parties should provide carriers with clear information on which Incoterms\u00ae are used in the sales contract. This ensures that the contract of carriage aligns with the contract of sale.<\/p>\n

Incoterms\u00ae address the allocation of costs and risks between the seller and the buyer, as well as certain obligations related to customs clearance, insurance, and division of responsibilities (e.g., who is responsible for customs clearance). There may, however, be additional terms that need to be specifically defined in the contract, beyond the Incoterms\u00ae themselves.
\nSellers should therefore:<\/p>\n