Incoterms –If you ship or receive international freight, you need to be aware and understand Incoterms.
Incoterms were created in 1936 by the International Chamber of Commerce (ICC) to provide an interpretation of the most commonly used terms in foreign trade. Since that time, they have been updated six times to keep pace with the development of international trade, with the most recent publication in 2010.
This set of 11 internationally recognized standard rules outlines the tasks, responsibilities, costs and risks involved in the transportation and delivery of goods from sellers to buyers.
Using clearly written sales contracts will avoid risks whereby even a simple misunderstanding of Incoterms can end up costing you thousands of dollars in surprise charges including additional transportation and insurance costs.
To learn more about Incoterms, contact David Lychek, Manager – Ocean & Air Services or visit the ICC’s website.
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