Incoterms 2020 is the ninth set of international contract terms published by the International Chamber of Commerce, … See more

In some jurisdictions, the duty costs of the goods may be calculated against a specific Incoterm: for example in India, duty is calculated against the CIF value of the goods, and in South Africa the duty is calculated … See more

There are certain terms that have special meaning within Incoterms, and some of the more important ones are defined below:
• Delivery: The point in the transaction where the risk of loss or damage to the goods is tra… See more

Parties adopting Incoterms should be wary about their intention and variations. The desire of the parties should be expressed clearly and casual adoption should be refrained. Also, making additions or variations t… See more

The seller makes the goods available at their premises, or at another named place. This term places the maximum obligation on the buyer and minimum obligations on the seller. The Ex Works term is often used while maki… See more