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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.
In January 2019 exports from Poland grew faster than imports for the first time since May 2018. Poland's foreign trade deficit amounted to EUR 100 million after January 2019. Exports amounted to EUR 18.1 billion, a 2.5 percent increase year ...Read More
Tags: exports, imports, Poland
In February, Turkey had the highest February export figure in the country's history. Exports increased by 5% in the first two months of the year, and imports decreased 23.1%.” The Trade Minister said that the rate of exports covering imports ...Read More
Tags: exports, imports, Turkey
A new greenfield container terminal at the Port of Gävle, Sweden is to be developed based on finance from a Swedish investment company. Gävle is Sweden’s third largest container port, and has experienced significant growth for some time. Demand for ...Read More
Tags: container, exports, Sweden, Swedish
Exports from Korea are continuing to decelerate during the month of March, which is endangering Korea's main contributor to the economy. The Customs Service said that exports in the first 10 days of March fell by 19.1 percent compared with ...Read More
Tags: China, exports, USA