‘Incoterms’ is the short and snappy way of saying International Commercial Terms. First published way back in 1936, they’re a set of 11 rules defining who’s responsible for what during international transactions.
Because they’re known and accepted from Austin to Zanzibar. A requirement on every single commercial invoice, they greatly reduce the risk of potentially costly misunderstandings.
Incoterms spell out all the tasks, risks and costs involved during the transaction of goods from seller to buyer.
Risk transfers from seller to buyer:
At the seller’s warehouse, offices or wherever the goods are being collected from.
Risk transfers from seller to buyer:
When goods are ready for unloading at the agreed address
Risk transfers from seller to buyer:
When goods are ready for unloading at the agreed address.
Risk transfers from seller to buyer:
When the buyer’s carrier receives the goods.
Risk transfers from seller to buyer:
At the terminal.
Risk transfers from seller to buyer:
When the buyer’s carrier receives the goods.
Risk transfers from seller to buyer:
When the buyer’s carrier receives the goods.EXW – Ex-Works.
Risk transfers from seller to buyer:
When goods have been delivered next to the ship.
Risk transfers from seller to buyer:
When goods have been delivered onto the ship.
Risk transfers from seller to buyer:
When goods are on the ship.
Risk transfers from seller to buyer:
When the goods are on the ship.