Incoterm - International Trade Terms

Incoterms, or International Commercial Terms, is the full name of International Rules for the Interpretation of Trade Terms. The existence of the rules is like the "metric system" commonly used in international trade. My 1kg is also your 1kg, and my 1km is also your 1km, to prevent me from wanting to buy 1kg but you give me 1 jin.

Incoterms is a set of common international rules that can avoid disputes caused by different understandings of aircraft models in different countries. The latest version of Incoterms was adopted in September 2010, namely Incoterms 2010, and came into effect on January 1, 2011.

Incoterms deal with issues concerning the delivery of products from a seller to a buyer. This includes the transportation of the product, the responsibility for customs clearance for imports and exports, who pays what, and who is at risk for the condition of the product at different points during transportation. Incoterms are usually used for geographic locations and do not involve the transfer of ownership.

The main changes in Incoterm after 2020:

1. Incoterms® 2020 provides for demonstrated market need in relation to bill soflagging (BL) with an on-board notation and the Free Carrier (FCA) Incoterms® rule. Incoterms® 2020 provides for demonstrated market need in relation to bill soflagging (BL) with an on-board notation and the Free Carrier (FCA) Incoterms® rule.

2. Incoterms® 2020 aligns different levels so finance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP) Incoterms® 2020 aligns different levels so finance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP)

3. Incoterms® 2020 includes a range of terms for carriage without own means of transport in FCA, Delivery at Place (DAP), Delivery at Place Unloaded (DPU), and Delivered Duty Paid (DDP). Under Incoterms® 2020, trailers can be arranged using own means of transport.

4. There is a change in the three-letter name for Delivered at Terminal (DAT) to DPU. The term DAT becomes a history and is replaced by DPU.

This is the end of the knowledge about Incoterm in this issue. If you want to get more information about Incoterm, please pay attention and we will continue to answer you~