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Interested in learning more about this subject? Register for FOB vs Incoterms as well running May 28!
Developed by the International Chamber of Commerce, Incoterms are recognized worldwide as international ‘shipping terms of sale,’ providing importers and exporters with a set of standard rules for deciding where costs and risks will transfer between the parties in international shipping.
Despite being in use since 1936, many importers and exporters do not use Incoterms, or use them inappropriately, increasing the likelihood of disagreement over costs, and increased liability. A recent survey of Canadian organizations revealed that 87% of companies selecting an Incoterm for containerized shipments were selecting the wrong term. And an earlier study involving 1,000 international freight forwarders showed that almost 50% of forwarders were using Incoterms inappropriately when shipping goods in ocean containers.
This webinar examines the merits of each of the eleven terms in Incoterms 2020, including the transfer points for cost (i.e. freight, insurance and customs formalities), and risk. We also review the appropriate use of Incoterms for various modes of transport, including containerized marine shipments, and the point where cargo insurance should be considered.
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