Establishing the right terms of trade and understanding what they mean to your business is vital to avoiding complications down the line. International Commercial trading terms have been around since 1936 and include terms like FOB and CIF. These are collectively referred to as IncotermsⓇ 2020 and are revised every 10 years to ensure they are relevant to trade.
Understanding the terms on which you have made your offer are covered in IncotermsⓇ 2020 which outlines your responsibilities, your buyers or suppliers and where th risk passes in the goods. Using these terms will provide clarity on trading internationally so we have developed a section to help you use them correctly.
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