CARM: What all importers need to know about CARM

Route Article

What you need to know about Incoterms

Incoterms 2020

If you ship or receive international freight, you need to be aware of 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 regularly to keep pace with the development of international trade.

The new edit, Incoterms 2020, was released mid-September and will come into effect on January 1, 2020. It is meant to simplify the rules and help prepare businesses for the next century of international trade. It is important to be aware of the changes when negotiating sales contracts in the upcoming year.

Using clearly written sales contracts will avoid risks whereby even a simple misunderstanding of Incoterms can end up costing thousands of dollars in surprise charges, including additional transportation and insurance costs.

To learn more about Incoterms, contact Debbie McGuire, Manager – Freight Solutions or visit the ICC’swebsite.

Quick Tip #52
Ensure your shipping/receiving warehouse staff is available to receive delivery of your shipments quickly

Once advised your shipment is available for local delivery, take delivery at the earliest opportunity.

Switch to a Logistics
Partner Who Cares

Click the button below to find out why we’ve been Canada’s most trusted freight forwarder and customs broker for over 70 years.

Professional business people team meeting and working in corporate office concept

Register now to learn more about our

101 Logistics Quick Tips

Available exclusively from Universal Logistics