Getting Incoterms wrong can potentially lead to huge losses. They will soon have an updated version too. But don't worry, we did the work for you.
If you are a part of the shipping industry, you would know incoterms can be challenging to figure out. Don't worry; we got you covered.
What are incoterms? They define the terms of shipping for the cross border trade. They lay out who (the buyer or seller) holds the responsibility in terms of handling transporting and delivery of goods. For either a buyer or a seller, choosing the incorrect Incoterm may affect your cost and freight.
Incoterms or International Commerce Terms, are set by the International Chamber of Commerce (ICC) and revised every 10 Years. The last edition of these rules came out in 2010, and the next one will take effect in January 2020.
The incoterms chart (or the list of incoterms) released by the ICC in 2010 consisted of 11 incoterms. While six of them are related to freight shipping, the other five are about transportation modalities. Let's take a look.
The new list of Incoterm will take effect from 1st of January 2020. Here is a list of what you need to look out for -
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