STEP format, or STP format, is an abbreviation for Standard for the Exchange of Product Data. STEP files are a neutral CAD format, and are widely regarded as the best and most common file type for sharing 3D models.
Most CAD programs are compatible with STEP format. Therefore, it’s always recommended that you include this file format when sharing 3D models with a third party. The standard gets frequent updates, with the most recent one being in 2016. There are three main variations of STEP files — AP203, AP214, and AP242.