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Understanding IncoTerms is a vital part of International Trade.

Put simply, Incoterms® are the selling terms that the buyer and seller of goods both agrees to.

 

The Incoterm® clearly states which tasks, costs and risks are associated with the buyer and the seller. The Incoterm® is agreed between the buyer and seller and states when the seller’s costs and risks are then transferred onto the buyer.

Incoterms® are also referred to as International Commercial Terms, which are published by the International Chamber of Commerce (ICC), which relate to International Commercial Law. They are accepted by governments and legal authorities around the world.

 

The ICC published new Incoterms® 2020 that have come into effect from the 1st of January 2020. The ICC originally published Incoterms® in 1936 and have continually published updates to reflect the changes to the Global Trade environment.

 

It's important that all parties involved in trade clearly understand the changes and how they apply to global supply chains.

CLICK HERE TO DOWNLOAD INCODOCS TRADE GUIDE 2020.

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