carriage service providers such as a shipping line, NVOCC.pre-carriage service providers including but not restricted to a transporter, freight forwarder, customs clearing agent, freight broker, inspection agencies, government authorities, port, customs, insurance companies and any other entity involved in the shipment.RULES FOR SEA AND INLAND WATERWAY TRANSPORTĪllocation of costs based on Incoterms® usedĭepending on the Incoterms® used, the buyer or seller will be paying
Each of them has different points at which cost and risk passes. There are 11 Incoterms® rules in the new Incoterms® 2020 edition released by the ICC in September 2019. These items are expressly defined and outlined in the sales contract and by the law governing the contract. Does not address the price payable, the currency of transaction or credit terms.Does not dictate where and to whom title to goods transfers.Does not supersede the law governing the sales contract.
It needs to be understood that Incoterms®: Outline how costs are allocated between the buyer and the seller.Clarify when risk passes from the seller to the buyer under each of these rules.Outline the obligations of the buyer and the seller in a trade transaction.Since its creation by the ICC in 1936, Incoterms® rules has become a globally accepted contractual standard and has also become an integral part of trade.Ĭurrently in its 9th version, the core function of Incoterms® rules is to
Reference to an Incoterms® rule in a contract of sale defines the parties obligations in terms of costs and risks and reduces ambiguity in the transaction.
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