Container Ship at the dockside
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.
Shanghai customs officials have said that the first batch of beef imports from Panama has entered China. The imported beef, weighing 23 tonnes, is one of the products imported due to new bilateral trade agreements between the two countries. The ...Read More
Tags: China, imports
Trinidad and Tobago are exporting chocolates and cocoa worldwide, and their export markets are growing. Export figures are improving: in cocoa the Central Statistical Office figures for the last three years (2016-2018) indicate that they have exported $30 million worth ...Read More
Kenya intends to increase its avocado exports to China by 10% annually over the next three years. Chinese traders are actively seeking new import opportunities in the Kenyan market for avocados, explains Export Promotion Council’s CEO Peter Biwott. “Chinese traders ...Read More
Tags: China, exports, imports
Norway has praised India for accepting a UN court ruling on its maritime boundary dispute with Bangladesh. Norway said it was a "very, very good example" of New Delhi abiding by democracy and a rules-based world order in contrast to ...Read More
Tags: Freight Shipping, Norway