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