Named place of delivery

The mandatory geographic place that completes any Incoterms rule.

Definition

An Incoterms rule only operates when paired with a named place, specified as precisely as possible. For the maritime rules (FAS, FOB, CFR, CIF) it is a port; for the multimodal rules (FCA, CPT, CIP, DAP, DPU, DDP) any place or point. The ICC advises stating the exact point, since it fixes where risk and/or cost transfers.

Origin

Requirement set out in the preamble and Explanatory Notes of Incoterms 2020, International Chamber of Commerce (ICC publication No. 723E).

Example in context

"CPT" alone is unusable; "CPT Lyon-Saint-Exupéry logistics warehouse (Incoterms 2020)" fixes the destination up to which the seller pays carriage.

Related terms

• Incoterms 2020 — the 11 ICC rules.
• C-terms two points — where two named places are advised.