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Showing posts from June, 2017

Incoterms

Common Incoterms Many commercial agreements use Incoterms in their contracts in order to create mutual confidence and legal certainty within the contract. Incoterms is a trademarked term, owned by the International Chamber of Commerce, that is used to express rules regarding the use of acronyms and what they stand for within commercial contracts for the sale of goods worldwide. The word represents International Commerce terms. 
The first set of Incoterms was published in 1936 and the eighth and most recent set was updated in 2010. There’s some mention of the next set being published in 2020 but until then Incoterms 2010 will regulate the use of acronyms in commercial contracts for the sale of goods internationally. Incoterms have become essential for creating legal certainty within commercial contracts as it provides rules and guidance for importers, exporters, lawyers, transporters, and insurers.
What are the Incoterms rules? Incoterms are a series of three-letter acronyms that are rela…