Jurisdiction(s):
United Kingdom

Key definition

Incoterms definition

What does Incoterms mean? In legal practice, Incoterms are standard three‑letter trade terms published by the International Chamber of Commerce that allocate delivery obligations, transfer of risk, carriage, insurance and customs formalities in sale of goods contracts. They are not legislation and have no effect unless expressly incorporated; when incorporated (for example, “FCA London Incoterms 2020”), they form part of the contract and are interpreted by reference to the ICC rules. Used primarily in international trade and also domestically, Incoterms clarify who arranges and pays for transport, who clears goods for export and import, the delivery point, and what shipping documents must be provided. They...

CIF under Incoterms 2010: archived guidance on seller/buyer obligations, delivery, risk transfer and minimum insurance for sea and inland waterway shipments (superseded by 2020 rules)

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Practice notes

ARCHIVED: This Practice Note is archived and no longer maintained. For the 2020 iteration of the rule, refer to: Incoterms® 2020 Rules—CIF Cost insurance and freight. The ICC publications are reproduced here with the permission of ICC Publishing SA. These and other ICC publications are available from ICC Publishing SA, 33-43 avenue du Président Wilson, 75116 Paris, France and from ICC United Kingdom, 1st Floor, 1-3 Staple Inn London, WC1V 7QH, United Kingdom, and www.iccwbo.org. Incoterms® 2010 were superseded by Incoterms® 2020 with effect from 1 January 2020. For the CIF Incoterm in force from 1 January 2020, see Practice Note: Incoterms® 2020 Rules—CIF Cost insurance and freight.

CIF (insert named port of destination) Incoterms® 2010 Guidance note

This rule applies only to sea carriage or inland waterway transport. Under ‘Cost, Insurance and Freight’, the seller delivers the Goods on board the vessel, or ensures the goods have already been placed on board. The risk of loss or damage transfers when the goods are on the vessel. The seller must arrange and pay the necessary costs and freight to move the goods to the named port of destination...

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Web page updated on 21/05/2026

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