Shipping terms are one of the first things to learn when you’re looking to start importing or exporting. Unlike Payment Terms, which is an agreement on when you or the other party actually have to pay for goods (eg: 30% upfront, 70% on completion of order etc.), shipping terms set out the supplier’s and buyer’s…
INCOTERMS® are a standard of shipping terms published by the International Chamber of Commerce which provide specific guidance to individuals participating in the import and export trade. Effective from 01/01/2020, the 9th Iteration of INCOTERMS are INCOTERMS 2020. These rules define the responsibilities of buyers and sellers operating in international trade and determine which party…