What are the incoterms? Explain the salient features of each term in international trade.

"INCOTERMS", is The International Contract Terms, issued by the International Chamber of Commerce to specify and determine the responsibilities of all the commercial contracts. The latest version of "INCOTERMS" was issued on 2010 included (11) terms categorized into two sections:

1- Upon delivery  by Sea:

FAS: Free along side ship.           

FOB: Free on Board.

CFR: Cost & freight.

CIF:  Cost, Insurance & Freight.

2- Upon delivery by any means of transportation:

EXW: EX- WORK

FCA: Free Carrier 

CPT: Carriage Paid To.

CIP: Carriage, Insurance Paid To.

DAT: Delivery At Terminal.

DAP: Delivery at Place.

DDP: Delivery Duty Paid.