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INCOTERMS
International Commercial Terms, known as “Incoterms”, are internationally accepted terms defining the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction.
Incoterms do not cover ownership or the transfer of title of goods. It is crucial to agree on an Incoterm at the start of a negotiation/quotation of a sale, as it will affect the costs and responsibilities involved in shipping, insurance and tariffs.
The new Incoterms 2020 rules were revised by the International Chamber of Commerce.
INCOTERMS
DO NOT…
DO NOT…
- Determine ownership or transfer title to the goods, nor evoke payment terms.
- Apply to service contracts, nor define contractual rights or obligations (except for delivery) or breach of contract remedies.
- Protect parties from their own risk or loss, nor cover the goods before or after delivery.
- Specify details of the transfer, transport, and delivery of the goods. Container loading is NOT considered packaging, and must be addressed in the sales contract.
* Information provided by Journey Global Logistics is intended as advice and guidance only. Journey Global Logistics shall not be liable for any damages or costs of any type arising out of, or in any way connected with the use of, these Fast Facts.
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