Incoterms are the official International Chamber of Commerce (ICC) rules for the interpretation of trade terms. They provide a precise definition of the responsibilities of the buyer and seller at all stages of the movement of goods. Incoterms define a point in the journey at which risk for damage or loss of the goods passes from the seller to the buyer; along who must arrange and pay for various costs such as transport, loading and un-loading, customs clearance at the ports of export and import, insurance and other services. Incoterms are internationally recognised contractual terms.
The most recent version is Incoterms 2010 which came into effect on 1 January 2011.
The 'Incoterm Location' named in a VINEX exchange listing is important. The location must be a defined geographical place and will be named in contracts.
For more information on incoterms, please visit ICC.
Disclaimer: The diagram above is provided by the International Chamber of Commerce. VINEX cannot guarantee the accuracy of the information and your decision to include a contractual incoterm should be based on specialist freight forwarding advice.
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