Incoterms® or International Commerce Terms are a series of international sales terms published by the International Chamber of Commerce.
When quoting and invoicing your customers, it’s important that there is no confusion over who is responsible for delivering the goods and paying for transport.
The Incoterms® 2010 rules are a set of commercial terms internationally recognised and accepted as the standard for international trading. Developed by the International Chamber of Commerce (ICC), and first published in 1936, the rules are designed to ensure that the obligations of all parties involved in international transactions are clear and understood. Importantly, the use of the Incoterms® 2010 rules removes the risk of misinterpretation in different countries.
There are 11 Incoterms® 2010 rules covering delivery, risks and costs. When you include a particular term in your quote or invoice you should make specific reference to the rules, for example, ‘FOB Southampton – Incoterms® 2010’.
Read this DHL Guide to see a full description of all 11 Incoterms® 2010 rules.
Countries: United Kingdom
Topics: Finance, Getting Started, Legislation & Regulation, and Transport & Logistics