ICC Incoterms Update
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Need a refresher on international trade law? Make sure you are up-to-date on the most recent updates on the International Commercial Terms rules and regulations.Need a refresher on international trade law? Make sure you are up-to-date on the most recent version of the International Commercial Terms rules and regulations for 2020. Many sellers and buyers are unfamiliar with what is required to handle a shipment from A to Z. They may be relying on the other's expertise when, in fact, there are gaps in information. For U.S. imports, many sellers do not fully understand U.S. customs processes and destination handling and the buyer (U.S. importer) does not fully understand the processes involved at the origin. For U.S. exports, the same applies. U.S. based sellers (exporter) may have difficulty handling the destination customs processes and buyers do not fully understand what's required in the U.S. This topic helps the buyers (importers) and sellers (exporters) understand the process of an international shipment and then to understand the risks and costs involved for each party under each Incoterm. This will allow the shippers to protect themselves financially by formally establishing expectations for each party in regards to the shipment process. This information is critical for U.S. buyers (importers) and sellers (exporters) so they can make informed decisions about the terms of sale before signing a contract with any company.
AuthorsJane Taeger, Vandegrift, Inc.
What Are Incoterms?
• Why Are They Necessary?
• How Are They Used?
• What Is New for Incoterms 2020
What Services Are Required to Arrange a Shipment?
• Origin Services
• Destination Services
What Do These Different Terms Mean?
Most Frequently Used
As a Forwarder, Which Are Our Favorite and Least Favorite?
• Personal Experiences
• Terms With Special Definitions, Related to Incoterms