Incoterms® are terms us professionals working in the international shipping industry and import and export companies use as part of our jargon every day. The idea of international shipping terms was conceived in 1921 with the first set of rules implemented in 1936 by the International Chamber of Commerce. Since then, Incoterms have been updated six times. The most recent update was in 2010.
These Incoterms rules are incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade. Incoterms give clarification to each party of a transaction as to where the ownership of the goods change and who is responsible for what costs.
Here’s a quick summary of what Incoterms is all about. We’re also providing links to the chart on our website and to the International Chamber of Commerce website where detailed information is provided.
In addition to the 11 rules, Incoterms® 2010 includes:
For more information and details check out this International Chamber of Commerce webpage.
Online training also is available via the Chamber.
A downloadable Incoterms chart is available by clicking here,.