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This stands for International Commercial Terms. They were developed by the International Chamber of Commerce to ensure that everybody dealing in international trade was using the same term with the same meaning. Their main purpose is to clarify how functions, costs and risks are split between the buyer and seller in connection with the delivery of the goods as required by the sales contract. Each term clearly specifies the responsibilities of the seller and the buyer.
The current edition of Incoterms is dated 2010; if you wish to be sure that you have the protection of Incoterms, they should be incorporated into the contract of sale.
You can either incorporate them into the terms of shipment for example: ‘FOB Immingham Incoterms 2010’ or include a reference to Incoterms 2010 somewhere else in the sales contract.
Please contact us if you are not sure of the meaning of a particular Incoterm.
The UNICEF Humanitarian Airfreight Initiative has been formed with leading airlines for the transport of vaccines, and other life-saving supplies worldwide. These airlines have signed agreements with UNICEF to prioritise delivery of COVID-19 vaccines, essential medicines, medical devices and other ...Read More
Tags: air freight, Covid-19, freight
During the 2018-19 season, almost 28% of Washington state apples were shipped to 60 different countries. Industry officials expect exports for the 2020-21 crop to be below that figure and possiblye to drop to levels not seen in nearly two ...Read More
Tags: exports, shipping, USA
Japan imported 112,100 tonnes of fresh fruit during February 2021, which was an 8 per cent reduction on the total imports 12 months earlier. The reduced import volume can be attributed to the shortage of reefer containers worldwide. A spokesman ...Read More
Tags: containers, imports
U.S. demand for imports of products made in China, including personal protective equipment for COVID-19, furniture and toys, increased considerably at the end of 2020. This means that ocean carriers prioritize getting shipping containers back to China as quickly as ...Read More
Tags: China, containers, Covid-19, shipping