Trading globally involves risks, but having international cargo insurance is one of the best ways to offer peace of mind to both the buyer and the seller. Ascent Global Logistics wants your shipments to be monetarily safeguarded against physical loss or damage while in transit. If you have shipped many times before, or are new to the international shipping trade, it is worthwhile to review how insurance can help your company be protected.
The International Chamber of Commerce (ICC) has recently published its new version of Incoterms 2020. The Incoterms rules help individuals and companies that participate in the import and export of global trade on a daily basis. These essential terms of trade can be found in the newly published guide, now available for purchase from the ICC.
In this Article:
- What does Incoterms do?
- What does Incoterms not do?
- How are Incoterms used?
- What happens to existing contracts?
- Main changes to Incoterms 2020
Incoterms are standardized terms used within international trade to outline the exact delivery terms between a buyer and seller. Incoterms summarize who is responsible for loading and unloading, delivery, payment and insurance. So, who is responsible for these activities when the Free Carrier (FCA) term is selected?