Customs Terms of Trade
Learning the Language of Incoterms® Rules and Trade Terms
“Incoterms” is a trademark of the International Chamber of Commerce. Incoterms® rules and trade terms are recognised and accepted as the standard for international trading and are regularly updated as commercial conditions change.
What you need to know
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Incoterms® rules serve to standardise the process of shipping and receiving merchandise. In addition, they determine the cost allocation of international commercial transactions and establish agreed responsibilities for exporters and importers.
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The main objective of Incoterms® rules is to define criteria for the distribution of expenses and the assignment of risk between parties involved in international transactions.
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Familiarity with Incoterms® rules will ensure you purchase goods from manufacturers abroad in accordance with applicable regulations, documentation and procedures.