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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.

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