INCOTERMS
INCOTERMS 101 Are you an international trader struggling to understand when to use which INCOTERM? Are you a new entrant in the shipping world who just learned about the existence of this acronym, but don't know what it means yet? If the answer is yes , then we have some good news for you! Today all those questions and doubts are going to be put to rest. Let's begin with understanding what exactly are INCOTERMS. Incoterms or International Commercial Terms refer to a set of predefined trade terms that explain the roles and responsibilities of the buyer and the seller in an international sale contract. They were first published by the International Chamber of Commerce (ICC) in 1936 to reduce the confusion regarding the obligations of both the seller and the buyer in the shipping process. By clearly defining who is responsible for what and up to which point while shipping freight, these definitions provide clarity to traders and help facilitate the s