Incoterms
Entering the world of global trade means understanding your roles and responsibilities in importing
Incoterms
What do
Incoterms mean?
Incoterms mean?
Incoterms are rules – set by the International Chamber of Commerce – that define the terms of trade for the sale of goods all around the world. You can think of them as the common language of trade – and by understanding them better, you will be better equipped in importing and exporting goods with parties around the world.
What Incoterms do and don’t cover
What Incoterms do cover
- They do define the obligations and costs between a buyer and seller
- They do define the point at which the risk for cargo passes between buyer and seller
What Incoterms don’t cover
- They don’t cover the passage of title or ownership
- They don’t cover payment – this is negotiated separately.
- They don’t cover insurance – only two Incoterms, CIF and CIP outline insurance as the seller’s responsibility.
What Are The Most Common Incoterms?
