Terms of Trade
Learning the Language of Incoterms® 2021 Rules
“Incoterms” is a trademark of the International Chamber of Commerce (ICC). Incoterms® rules are frequently used worldwide in international contracts, illustrating responsibilities between buyers and sellers with regards to costs, risks, responsibilities for cargo insurance and regulatory compliance.
What you need to know
- Incoterms® rules serve to standardize the process of shipping and receiving merchandise. In addition, they determine the cost allocation of international commercial transactions and establish agreed responsibilities for exporters and importers.
- The main objective of Incoterms® rules is to define criteria for the distribution of obligations, costs and the assignment of risk between parties involved in international transactions.
- In general, the Incoterm® is a mandatory field in the customs declaration, therefore important to be clearly indicated in the customs invoice.
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