Incoterms

The International Chamber of Commerce created Incoterms as a worldwide standard to be used in contracts of sale for expressing the rights and obligations of buyers and sellers – specifically, regarding the delivery of the goods. The list is in order of seller's obligation, from least to most. Some Incoterms are valid for any mode of transport (EXW, FCA, CPT, CIP, DDU, DDP), some for ocean only (FAS, FOB, CFR, CIF, DEQ).

EXW – Ex works
The seller's only responsibility is to make the goods available at the seller's premises. The buyer bears full costs and risks of moving the goods from there to destination. 
 
  
FCA – Free carrier
The seller delivers the goods, cleared for export, to the carrier selected by the buyer. The seller loads the goods if the carrier pickup is at the seller's premises. From that point, the buyer bears the costs and risks of moving the goods to destination. 
 
 
FAS – Free alongside ship
The seller delivers the goods to the origin port. From that point, the buyer bears all costs and risks of loss or damage. 
 
 
FOB – Free on board 
The seller delivers the goods on board the ship and clears the goods for export. From that point, the buyer bears all costs and risks of loss or damage. 
 
 
CFR – Cost & freight
The seller clears the goods for export and pays the costs of moving the goods to destination. The buyer bears all risks of loss or damage. 
 
 
CIF – Cost, insurance & freight
The seller clears the goods for export and pays the costs of moving the goods to the port of destination. The buyer bears all risks of loss or damage. The seller, however, purchases the cargo insurance. 
 
 
CPT – Carriage paid toý
The seller pays for moving the goods to destination. From the time the goods are transferred to the first carrier, the buyer bears the risks of loss or damage. 
 
 
CIP – Carriage & insurance paid toý 
The seller pays for moving the goods to destination. From the time the goods are transferred to the first carrier, the buyer bears the risks of loss or damage. The seller, however, purchases the cargo insurance. 
 
 
DEQ – Delivered ex quay
The seller delivers the goods - not cleared for import - to the buyer at the port of destination. The seller bears all costs and risks of moving the goods to the port. The buyer clears the goods for import and pays all Customs clearance costs and duties. 
 
 
DDU – Delivered duty unpaid
The seller delivers the goods - not cleared for import - to the buyer at destination. The seller bears all costs and risks of moving the goods to destination. 
 
 
DDP – Delivered duty paid
The seller delivers the goods -cleared for import - to the buyer at destination. The seller bears all costs and risks of moving the goods to destination, including the payment of Customs duties and taxes.
 

For more information, see the ICC publication, Incoterms 2000: ICC Official Rules for the Interpretation of Trade Terms, effective January 1, 2000. The brief definitions here were paraphrased from this official source.