Incoterms 2020: Basics

If you are dealing with international sale of goods or have been involved in international trade in one way or another you have came across the word “Incoterms”, which is used to define the set of terms that are used in international trade in order to define obligations and liabilities between the parties.

Whether you are a small shop owner or an international distributor of goods if the goods you are buying and/or selling are sent to or delivered from a foreign country you need to have at least a basic knowledge of Incoterms.

Having an understanding of what Incoterms are and how they are applied in international trade can save you a lot of money associated with goods not being delivered on time, or even expenses associated with lengthy court proceedings.

If you are new to international trade you may find yourself in a situation when you are presented with a contract that you need to sign and without understanding Incoterms you may end up committing yourself to obligations which were not part of your plan.

Thus, having a basic understanding of Incoterms is crucial if you want to protect your interests self and your business when signing contracts with third parties.

Important:This course should not be considered as an alternative to professional legal advice since each case is unique and circumstances vary on a case by case basis.

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