The Incoterms (or International Commercial Terms) are a series of predefined commercial terms published by the International Chamber of Commerce every 10 years and relate to international commercial law.
Check what the buyer and seller are responsible for at each point in the supply chain.
What are Incoterms?
Proposed, updated, and copyrighted by the International Chamber Of Commerce (ICC), Incoterms serve as global standards for uniform interpretation of common contract clauses in international trade.
Your Incoterm will be what has been negotiated between your customer/supplier and you when you agreed to buy or sell the goods being transported.
Download our Incoterms 2020 guide📄
How do they impact us?
The terms show us who is responsible for what in terms of Risk and Financial Liability/Responsibility.
This includes -
- Who is responsible for transport costs
- Who is expected to complete import/export declarations and pay the duties
- Where the transfer of ownership will take place
For more information, contact one of our customs experts today.
