What are Incoterms?
Incoterms, short for International Commercial Terms, are a set of standardized trade terms used in international transactions to define the responsibilities of the buyer and seller. These terms, which are recognized worldwide, provide a clear framework for the delivery of goods from the seller to the buyer, including the transfer of risks, costs, and obligations related to the transportation of the goods.
The use of Incoterms helps to avoid misunderstandings and disputes between buyers and sellers by clearly specifying the obligations and responsibilities of each party at every stage of the transaction. They cover aspects such as the point of delivery, the transfer of risk, the transport costs, and the required documentation.
There are currently 11 Incoterms, which are updated periodically by the International Chamber of Commerce (ICC). As a freight forwarding company, it's important to understand and use the appropriate Incoterm for each transaction to ensure a smooth and efficient delivery process for your clients.
The Future Belongs to Continuous Learners and Innovators
Is your team as proficient as possible in using Incoterms? If you can't say so with confidence, you might want to sign up to one of our virtual training sessions where one of experts dives deep into every Incoterm, and ensures you come out feeling much more comfortable using these freight terms. We using an interactive training module that we can give you access to after the lesson. Join us on the next live session below!
October 10, 2023
Incoterms Course
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