A practical guide to Incoterms® 2020
International sales contracts can be daunting, but if there’s one lesson to keep in mind, it’s to pay as much attention to the terms of sale as to the sale price itself.
That’s where Incoterms come in. Incoterms 2020 are the generally accepted series of international trade terms, and it’s important to be aware of them when negotiating international deals.
Incoterms clarify the responsibilities for delivery of goods between the seller and buyer. This includes the following:
- The carriage of product
- Customs clearance procedures
- Which party carries the risk for the condition of goods
- And more