Incoterms® are a set of globally used trade terms defined by the International Chamber of Commerce designed to define the responsibilities of various aspects of international transactions.
Incoterms® 2020 is the current version of international trade terms published by the International Chamber of Commerce (ICC). Their purpose is to provide an internationally recognised set of terms and conditions designed to assist traders when goods are sold and transported.
It is vitally important in international trade transactions that the correct Incoterm® is used for the goods and the means of transport involved. Each term clearly defines the responsibilities and obligations of each party to arrange and pay for key elements such as transportation, transit insurance, export clearance, import clearance and payment of local duties and taxes. Incoterms® also define the place of delivery and the point in the journey where risk transfers from the seller to the buyer.
Incoterms® are very commonly misunderstood, incorrectly applied or in many cases not used at all. We can make sure you correctly use and incorporate Incoterms® in your sales contracts and international trade documentation, eliminating the risk of unforeseen costs or problems. With our knowledge and understanding of Incoterms®, we can show you how easy it is to correctly use Incoterms® 2020 to your benefit.