What are Incoterms? Why are they important?

The International Chamber of Commerce (ICC) began issuing definitions of International Commercial Terms, commonly known as Incoterms®, in 1936 to assist with clarifying global trading terms. Incoterms® codify and clarify the roles, risks and costs for the delivery of goods for both buyers and sellers in international trade. Most importantly, Incoterms® are universally understood and used because the terms identify when ownership of goods and services is transferred between sellers and buyers, and consequently, who is responsible for damages, insurance, export fees and additional transportation expenses, if any.

For more information, read Incoterms® 2010 Defined and Incoterms® 2010.

 

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