Incoterms® 2020
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What are Incoterms®?
Incoterms® are the official rules of the International Chamber of Commerce for the interpretation of national and international trade terms. They are frequently used worldwide for international and domestic contracts. However, their use is voluntary, so all parties to a contract must agree to them before a transaction is concluded. The Incoterms® regulate the responsibilities of buyers and sellers with regard to costs and risks and freight insurance. First established by the International Chamber of Commerce (ICC) in 1936, Incoterms® regulate the international trade of goods between companies in purchase contracts.
Here you can read more about the terminology used within the new Incoterms.
- Obligation
The Incoterms® regulate the responsibilities between seller and buyer by defining who is responsible for transport, insurance and the relevant transport documents. - Transfer of Risk
They also define when the seller transfers the goods and therefore the responsibility (transfer of risk) to the buyer. - Obligation
The Incoterms® also specify which costs during transport are borne by the seller and which by the buyer (e.g. costs of transport, packaging, loading and unloading).
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