What are Incoterms?

Incoterms (International Commercial Terms) were published by the International Chamber of Commerce in 1936, and were aimed at creating worldwide trade standards that would help reduce the complexity of international operations.

Today, there are 11 3-letter terms, which are abbreviations of voluntary and modifiable agreements that express the practice between companies in sales agreements in terms of the purchaser’s and seller’s responsibilities. Specifically, Incoterms define the obligations of each party, the transfer of risk and the distribution of the operation’s cost.

Since their creation, Incoterms have been reviewed in 1953, 1967, 1976 and 1980, and since then every 10 years, i.e. in 1990, 2000, 2010 and 2020

 

Risk costs for both the purchaser and seller

Terminology

 

L/C Letter of Credit

Payment method.

B/L Bill of Lading

A document that covers the goods and serves as the property title.

EXPRESS RELEASE

Issuance of non-original Bill (BL) of Lading.

SURRENDER B/L

Issuance of Original Bill of Lading validated as an Express Release (a copy can be used instead of the original document).

SEAWAYBILL

Issuance of non-original Bill (BL) of Lading.

 

SHIPPER

El exportador o embarcador.

CONSIGNEE

El importador o receptor de la mercancía.

NOTIFY

A quien se le notifica la llegada.

ETD Expected To Departure

Fecha estimada de salida.

ETA Expected To Arrive

Fecha estimada de llegada.

Type of containers

1Inside Length 2Inside Width 3Inside Height 4Door Width 5Door Height Capacity Tare Weight Maxi Cargo
Standart
20′
19’4″ 7’8″ 7’1″ 7’8″ 7’6″ 1,172 Cft 4,916 Lbs 47,900 Lbs
5.900 m 2.350 m 2.393 m 2.342 m 2.280 m 33.2 Cu.m 2,230 Kgs 21,770 Kgs
40′
39’5″ 7’8″ 7’1″ 7’8″ 7’6″ 1,172 Cft 4,916 Lbs 47,900 Lbs
12.036 m 2.350 m 2.392 m 2.340 m 2.280 m 67.7 Cu.m 3,700 Kgs 26,780 Kgs
High Cube 40′
39’5″ 7’8″ 7’1″ 7’8″ 7’6″ 2,694 Cft 8,750 Lbs 58,450 Lbs
12.036 m 2.350 m 2.697 m 2.338 m 2.585 m 76.3 Cu.m 3,970 Kgs 26,510 Kgs
Reefer
20′
17’8″ 7’5″ 7’5″ 7’5″ 7’5″ 1,000 Cft 7,040 Lbs 45,760 Lbs
5.425 m 2.275 m 2.260 m 2.258 m 2.216 m 28.3 Cu.m 3,200 Kgs 20,800 Kgs
40′
37’8″ 7’5″ 7’5″ 7’5″ 7’1″ 2,040 Cft 10,780 Lbs 56,276 Lbs
11.493 m 2.270 m 2.197 m 2.282 m 2.155 m 57.8 Cu.m 4,900 Kgs 25,580 Kgs
Open Top
20′
19’4″ 7’7″ 7’8″ 7’6″ 7’2″ 1,136 Cft 5,280 Lbs 47,620 Lbs
5.894 m 2.311 m 2.354 m 2.286 m 2.184 m 32.23 Cu.m 2,400 Kgs 21,600 Kgs
40′
39’5″ 7’8″ 7’8″ 7’8″ 7’5″ 2,350 Cft 8,490 Lbs 58,710 Lbs
12.028 m 2.350 m 2.345 m 2.341 m 2.274 m 65.5 Cu.m 3,850 Kgs 26,630 Kgs
1Inside Length 2Inside Width 3Inside Height 4Door Width 5Door Height Capacity Tare Weight Maxi Cargo