Learn What Your Responsibilities Are Under the Incoterms You Use
Incoterms® are a set of rules which define the responsibilities and obligations of international sellers and buyers for the delivery of goods under sales contracts. Incoterms® are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. Incoterms® is short for International Commercial Terms. Incorrect use of Incoterms® may cause delays and additional costs if not understood. Certain rules will determine who is responsible for transportation, insurance, reporting the transaction to customs, and much more. See the infographic of the history of Incoterms® on our Incoterms® 2020 Rules page.
Does your staff understand the “terms of sale” of your international transactions? It is critical to comprehend the seller and buyer’s rights and obligations with respect to the shipping or transportation of goods. Incoterms® may be used for both international and domestic transactions. Take our new Incoterms 2020 course to understand who is responsible for insurance and when the transfer of risk moves from the Seller to the Buyer. Learn the different meanings of domestic and international terms.
Frequently Asked Questions about Incoterms (FAQ)
What are Incoterms®?
The Incoterms® or International Commercial Terms are a set of pre-defined commercial terms published by the International Chamber of Commerce (ICC) which define the responsibilities and obligations of sellers and buyers.
How do I find a class on Incoterms® 2018 (or 2019)?
There is no such thing. Incoterms® Rules are updated about every 10 years. Our most recent Incoterms® 2020 online training is available now. See history of Incoterms® Rules here.
Do we have to switch to the new terms starting January 2020?
No, you do not have to switch. But it is highly recommended that you learn the new Incoterms and find the term that best suits your company and customers. The updates are done to modernize the terms.
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