Trade: U.S. Import Requirements

• International product classification system by which duties and duty free goods are determined
• Six digit number assigned to each product that is traded internationally
• Each country can assign, on its own, four additional numbers, making the entire number 10 digits

Internationally recognized standard terms used in international and domestic contracts for the sale of goods.  Clarifies the tasks, costs and risks involved in the delivery of goods from sellers to buyers.  Excerpt from Know Your Incoterms

The seven Incoterms® 2020 rules for any mode(s) of transport are: 

    EXW - Ex Works (insert place of delivery)

    FCA  - Free Carrier (Insert named place of delivery) 

    CPT  - Carriage Paid to (insert place of destination) 

    CIP -  Carriage and Insurance Paid To (insert place of destination)  

    DAP - Delivered at Place (insert named place of destination)  

    DPU - Delivered at Place Unloaded (insert of place of destination)  

    DDP - Delivered Duty Paid (Insert place of destination).  

    Note: the DPU Incoterms replaces the old DAT, with additional requirement for the seller to unload the goods from the arriving means of transport. 

The four Incoterms® 2020 rules for Sea and Inland Waterway Transport are: 

     FAS - Free Alongside Ship (insert name of port of loading) 

     FOB - Free on Board (insert named port of loading) 

     CFR - Cost and Freight (insert named port of destination) 

     CIF -  Cost Insurance and Freight (insert named port of destination)