A new set of rules on INCOTERMS (International Commercial Terms) - shipping terms used for land, air and sea - in all trade transactions have been effective since January 2011. This will be implemented globally. If you are an exporter, importer, trader, banker, insurer or involved in carriers and freight forwarders, you need to be aware of these changes because they will have a huge impact on trade documentation and critical implications for your business. Especially, this concerns the carriage of goods between seller/buyer, the export and import clearance requirements, the allocation of costs between seller & buyer, the acquisition of cargo insurance, and the assumption of risks for loss and damage. If you are able to understand these rules and incorporate their use in sales contracts, you will avoid uncertainties, errors, and costly mistakes in the interpretations created in a trade transaction. These rules are for those involved in international trade transaction...
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