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Incoterms, widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers. Incoterms specify who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities.
Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. They are widely used in international commercial transactions or procurement processes and their use is encouraged by trade councils, courts and international lawyers. [2] .
Freight incoterms (International Commercial Terms) are the standard terms used in sales contracts for importing and exporting. They are used to define responsibility and liability for goods over the course of a shipment.
These terms represent various tasks, costs, risks, and logistics of getting goods whether by sea freight, air freight, and land freight. Every Incoterm defines the following responsibilities and obligations:
International commercial terms—Incoterms for short—clarify the rules and terms that buyers and sellers use in international and domestic trade contracts. The International Chamber of Commerce...
Don't be overwhelmed by the hundreds of international shipping terms. We've published a glossary of more than 250 trade terms used by importers and exporters. Bookmark this page and refer to it when you stumble across a word or acronym that has you stumped.
Put simply, Incoterms® are the selling terms that the seller and buyer of goods both agree to during international transactions. These rules are accepted by governments and legal authorities around the world.
First published by ICC in 1936, Incoterms® rules are a set of eleven three-letter trade terms, reflecting business-to-business practice in contracts for the sale and purchase of goods. Incoterms® rules are a set of standards used in international and domestic contracts for the delivery of goods.
n CIF (Cost, Insurance and Freight) and CIP (Carriage and Insurance Paid To) set out new standard insurance arrangements, but the level of insurance continues to be negotiable between buyer and seller.
What are the key changes in Incoterms® 2020? The introduction in the most recent version explains the purpose and use of the Incoterms® rules, identifies differences between Incoterms® 2010 and Incoterms® 2020. Why has the FCA Incoterms® rule been revised?