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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.
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Tags: China, exports, Hong Kong, USA
UK exports of salmon to the EU have fallen by nearly 20% during the first three months of this year, according to information from the Food and Drink Federation. Export sales of fish of all typeshave fallen by almost 52%; ...Read More
Tags: Covid-19, exports
Exports of goods from Spain made a historic rise of 71.8 % in April to 25.841 billion euros. Imports rose by 63.9 % to 27.138 billion, compared with April 2020. In the January-April period, Spanish exports showed a rise of ...Read More
Tags: exports, imports
The increasing price of shipping goods across the world may affect your household expenses from a cup of coffee each morning to children's toys. Shipping a 12m steel container of cargo by sea from Shanghai to Rotterdam now costs a ...Read More
Tags: container, freight, shipping