Meaning of iconterms terms:

Contraction of International Commercial Terms, these are the terms used in the field of imports and exports, valid worldwide, which defines clearly and unmistakably every right and responsible duty to the various legal entities involved in a transfer operation goods from one country to another.

The term Ex Works, also known by the acronym EXW, means one of the contractual clauses used in international trade; these terms of surrender which mainly concern the transport field are encoded in international Incoterms in their latest edition of 2010 (new code took effect on 01/01/2011 as an adjustment to the previous edition 2000).
This yield, is the only one of the first group, called E, derived from the term “ex”, “departure.” The EXW notation, which must be complete by specifying a location, is whath binds the seller to simply prepare the goods on its premises (factory, warehouse etc.) on the agreed date, supplying exclusively the documentation suitable for the export from the origin country.
The buyer, will handle the Customs export operation (in case he is unable, the yield will have to be changed in FCA), will organize the transport and pay all costs, taking also all risks until the final destination. The symmetrical yield of “Ex Works” is the Delivered Duty Paid.

The expression Free On Board (also occasionally and erroneously defined as Freight On Board), also known by the acronym FOB, it means one of the contractual clauses used in international trade; these terms of surrender which mainly concern the transport field are encoded in international Incoterms. This specific notation, created for maritime transport from here the usual translation of Franco on board a ship, enstablish that the responsibility of the seller are all transportation costs until the boarding area, including any costs for loading on board the ship, as well as expenses for obtaining licenses and documentation for the exportation from the origin country and those for export customs operations.
From the moment the goods are considered ready to leave all other expenses are charged to buyer, including the cost of insurance. Regarding to the responsibility of the goods, this passes from seller to buyer at the time when the goods themselves physically exceeds the vertical side of the ship. The expression of this delivery term is considered complete with the indication of the loading port (e.g FOB Genoa). From this term had been borrowed, even if no longer correct, although the terms FOR (Free on Rail) and FOT (Free on Truck) respectively are use if the transport is via rail or truck. In the case of rail, road and air transport the equivalent term is Free Carrier (FCA).

The term Cost and Freight, also known by the acronym CFR, means one of the contractual clauses used in international trade; these terms of surrender which mainly concern the transport field are encoded in the international Incoterms. This specific notation, in use in transport by ship, enstablish that the responsibility of the seller are all the costs of transport until their destination, including any costs for unloading the ship, as well as expenses for obtaining licenses and documentation for the exportation from the origin’s country and those for export customs operations. Buyer’s charge are the insurance costs while the seller is obliged to promptly notify all the data necessary for the execution of the policy against the risks.
From the moment the goods are unloaded in the port of arrival, all other expenses are to be considered by the buyer, including customs costs in the target country.
The formulation of this delivery term is considered complete with the indication of the destination’s port (e.g C.F.R. Livorno). Often it is also inappropriately used when freight transports are by road or rail, in this cases would have preferred another terms. In the same group of terms of yield, defined as group C, also belong CIF Cost, Insurance and Freight, Carriage Paid To CPT and CIP Carriage and Insurance Paid to.

The term Cost and Freight, also known by the acronym CFR, means one of the contractual clauses used in international trade; these terms of surrender which mainly concern the transport field are encoded in the international Incoterms. This specific notation, in use in transport by ship, enstablish that the responsibility of the seller are all the costs of transport until their destination, including any costs for unloading the ship, as well as expenses for obtaining licenses and documentation for the exportation from the origin’s country and those for export customs operations.
Buyer’s charge are the insurance costs while the seller is obliged to promptly notify all the data necessary for the execution of the policy against the risks. From the moment the goods are unloaded in the port of arrival, all other expenses are to be considered by the buyer, including customs costs in the target country.
The formulation of this delivery term is considered complete with the indication of the destination’s port (e.g C.F.R. Livorno). Often it is also inappropriately used when freight transports are by road or rail, in this cases would have preferred another terms. In the same group of terms of yield, defined as group C, also belong CIF Cost, Insurance and Freight, Carriage Paid To CPT and CIP Carriage and Insurance Paid to.

The term Delivered Duty Paid, also known by the acronym D.D.P., means one of the contractual clauses used in international trade; these terms of surrender which mainly concern the transport field are encoded in the international Incoterms.
This specific notation, valid for all types of transport, enstablish that the responsibility of the seller are all shipping charges until the agreed target, as well as expenses for obtaining licenses and documentation for export from the origin’s country and those for customs operations always export. The costs for passing through other nations to reach the destination is on seller’s charge and customs operations in the target nation including all charges levied on the goods in the destination country. It is usually agreed the clause that the Value Added Tax (VAT) is charged on the purchaser meanwhile the duty and any other fees are paid by the seller..
The formulation of this delivery term is considered complete with the indication of a specific location (e.g D.D.P. Rome) and can be considered as exactly symmetrical to yield Ex Works with all the risks and to be paid by shipping the material costs. The same group of terms of yield, defined group D, also belong DAF Delivered At Frontier, Delivered Ex Ship DES, DEQ and DDU Delivered Ex Quay Delivered Duty Unpaid..

The term Delivered Duty Unpaid, also known by the acronym D.D.U., it means one of the contractual clauses used in international trade; these terms of surrender which mainly concern the transport field are encoded in the international Incoterms.
This specific notation, particularly valid for transports by road and rail, enstablish that the responsibility of the seller are all shipping charges up to an agreed target, as well as expenses for obtaining licenses and documentation for export from the origin’s country and those for export customs operations. Also the costs for crossing other nations to destination are charged on the seller.
On the purchaser are charged customs operations in the arrival country and all charges levied on the goods in the destination country. The formulation of this delivery term is considered complete with the indication of a specific location (e.g D.D.U. Rome). The same group of terms of yield, defined as group D, also belong DAF Delivered At Frontier, Delivered Ex Ship DES, DEQ Delivered Ex Quay DDP Delivered Duty Paid.