They are the authoritative rules for determining how costs and risks are allocated to the parties they guide individuals and companies participating in the import and export of global trade. Why are Incoterms used in international shipping? As of this date, all sales contracts should refer to the Incoterms® 2020 rules as the latest version of the Incoterms® rules. Launched by the International Chamber of Commerce (ICC), the new set of rules entered into force on January 1st, 2020. The Incoterms® rules assist the mutual understanding of responsibilities for the sale of goods worldwide between buyers and sellers and the export and import shipping process. The Incoterms® rules are the international regulations that apply to the trade for the sales of goods worldwide these rules are in place to clarify the buyer's responsibilities and the seller/shipper in the international shipments of global goods. JIncoterms® 2020 (Free PDF Download available) What are Incoterms?
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