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These statements also specify which party bears the cost of handling these tasks. Another point addressed in each Incoterm rule is which party, if any, is obligated, to provide for cargo insurance coverage. Similarly, each Incoterm rule specifies which party to the transaction, if any, is obligated to contract for the carriage of the goods.These statements also specify which party bears the cost of handling these tasks.

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Similarly, each rule has a corresponding statement as to which party is responsible for obtaining any import license or other official authorization required for import and for carrying out the customs formalities required for the import of goods. Each Incoterm rule has a statement stipulating which party is responsible for obtaining any export license or other official authorization required for export and for carrying out the customs formalities necessary for the export to proceed.Likewise, a corresponding statement is provided which stipulates that the buyer pays the price of goods as provided in the contract of sale. For example, in each Incoterm rule, a statement is provided as to seller’s responsibility to provide the goods and commercial invoice in conformity with the contract of sale.Incoterms Clarify Responsibilities of Parties to a Sales Transaction

They need to clearly specify the chosen version of Incoterms being used (i.e., Incoterms® 2010, Incoterms® 2020, or any earlier version). Yes, all contracts using any incoterms are valid if they are agreed upon by all parties to the transaction, and correctly identified on the export-related documents. Although the ICC recommends using Incoterms® 2020 beginning January 1, 2020, parties to a sales contract can agree to use any version of Incoterms after 2020.

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The four Incoterms® 2020 rules for Sea and Inland Waterway Transport are:įAS - Free Alongside Ship (insert name of port of loading)įOB - Free on Board (insert named port of loading)ĬFR - Cost and Freight (insert named port of destination)ĬIF - Cost Insurance and Freight (insert named port of destination) Can I still use Incoterms® 2010 after January 1, 2020? Note: the DPU Incoterms replaces the old DAT, with additional requirements for the seller to unload the goods from the arriving means of transport. The seven Incoterms® 2020 rules for any mode(s) of transport are:ĮXW - Ex Works (insert place of delivery)įCA - Free Carrier (Insert named place of delivery)ĬPT - Carriage Paid to (insert place of destination)ĬIP - Carriage and Insurance Paid To (insert place of destination)ĭAP - Delivered at Place (insert named place of destination)ĭPU - Delivered at Place Unloaded (insert of place of destination)ĭDP - Delivered Duty Paid (Insert place of destination). Of the 11 rules, there are seven for ANY mode(s) of transport and four for SEA or LAND or INLAND WATERWAY transport. The Incoterms® 2020 rules are updated and grouped into two categories reflecting modes of transport. The Incoterms® are a set of 11 individual rules issued by the International Chamber of Commerce (ICC) which define the responsibilities of sellers and buyers for the sale of goods in international transactions. Of primary importance is that each Incoterms rule clarifies the tasks, costs, and risks to be borne by buyers and sellers in these transactions. Familiarizing yourself with Incoterms will help improve smoother transactions by clearly defining who is responsible for what and each step of the transaction.

Incoterms specify who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities. Incoterms, widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers.

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