What is an Incoterm?
Incoterms is an abbreviation of international commercial terms. Incoterms are an internationally recognised 3 letter trade terms that best describe the practical arrangements for the delivery of goods between a seller and buyer, outlining the obligations, costs and risks between the 2 parties.
As an exporter, you need to be ensuring that shipping and delivering responsibilities are written down and clearly understood between your customer/s. A few points to take into consideration when deciding upon the best incoterm for yourself and a customer:
Incoterms are updated every 10 years to accommodate the needs and features of the logistics industry. The last update came in on January 1st 2020, they introduced the new incoterm ‘DPU’ replacing the old incoterm ‘DAT’. Please see below the current 11 incoterms that will be in place until the end of 2029:
At Westmond Logistics, our distinctive qualities shine through:
