Incoterms are with us since 1936. In practice it turns out all too often that there is a lack of clarity about the rights and obligations. Below you will find a short explanation of the Incoterms 2020.
So why use Incoterms® 2020?
“There are several reasons why the use of Incoterms is advisable. Perhaps the most important reason for using the Incoterms is that they are the international standard rules, which, when used correctly, prevents misunderstandings and facilitates international trade! In addition, they are available in more than 30 languages, ensuring accessibility.
We (you – as our customer and IPP) agree on:
- which party is responsible for carriage (transport of goods) and insurance of the goods.
- which party is responsible for customs duties, cost of transport and the cost of insurance.
- the point at which risk passes/delivery takes place.”