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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.
From January to September 2018, Belarus almost doubled its exports to Sweden, according to information from the Belarusian embassy in Sweden. Since January trade between Belarus and Sweden has risen by 28%. Goods exports from Belarus have increased by 87.3%. ...Read More
Tags: exports, imports, Sweden
Plant and flower exports from Holland to the UK have fallen by 2% to the end of September 2018; this may be because of the fall in the value of sterling. Holland's top ten export customer countries showed a decline ...Read More
Tags: exports, Netherlands, Poland
In 2018, 105 tons of saffron were exported from Iran, representing a 40 percent increase compared with last year. The chairman of the National Saffron Council of Iran said that saffron will be harvested until December. Exports are expected to ...Read More
Last week China reported that exports and imports for the month of October exceeded forecasts. China recorded a trade surplus of $31.78 billion with the U.S. in October. The country's cumulative trade surplus with the U.S. in the first 10 ...Read More
Tags: China, exports, imports