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Freight Knowledge Centre

Resources and FAQs on freight forwarding for logistics and supply chain professionals

Freight Knowledge Centre - Resources and FAQ's on freight forwarding for logistics and supply chain professionals

Every incoterm with their Shipper and Consignee Responsibility.

The Incoterms rules are created and published by the International Chamber of Commerce (ICC) and are revised periodically, the most recent revision is Incoterms 2010. The Incoterms are standard sets of trading terms and conditions designed to assist companies when goods are sold and transported. Each Incoterms rule specifies:

  • The obligations of each party (e.g. who is responsible for services such as transport; import and export clearance etc)
  • The point in the journey where risk transfers from the seller to the buyer.

By agreeing on an Incoterms rule and incorporating it into the sales contract, the buyer and seller can achieve an understanding of exactly what each party has agreed to do, and where responsibility lies in event of loss or damage. All Incoterms are based on the principle that the risk of loss or damage is transferred from the seller to the buyer when the seller has fulfilled the delivery obligation according to the applicable term. It is important to note that this point can be different to the point at which the seller is responsible for paying for the carriage to.

The following document and video explain Incoterms perfectly:

https://www.peterlole.co.uk/uploads/files/downloads/Incoterms%20-%20pdf.pdf
https://www.youtube.com/watch?v=dUpVkNGA_q0

Importance of Incoterms in international freight.

Since Incoterms define the monetary and procedural aspects of all international shipping practices, Incoterms are essential to ensuring proper, timely payment of goods and services.
Although many different Incoterms exist, sellers and buyers often underestimate the value of Incoterms and their impact upon international trade. Here are why Incoterms are fundamental to international shipping and trade.

  • Incoterms Change and Vary in Responsibility.
  • Failure to Use Incoterms Leads to Problems.
  • Incoterms Affect Monetary Gain and Competitive Advantage.
  • Incoterms Change and Vary in Responsibility.

Importance of FFA in Air Cargo Movement: https://www.opensea.pro/blog/freight-derivatives

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