In this video we will be looking at Answers to 5 Incoterms Questions that you need to know which are
1. What is Incoterms ?
2. What is Incoterms 2010 ?
3. What does Incoterm rules specify ?
4. How to use Incoterms 2010 ?
5. Which Mode of Transport is applicable for Incoterms ?
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When a seller and a buyer enters into a sales contract, they would need to specify details eg method of payment, what are the goods (quantity and quality), delivery dates, documents required etc. They would also indicate what is the Incoterm Rule to be used.
What is Incoterms?
International Commercial Terms (Incoterms) was first created and published in 1936 by the International Chamber of Commerce (ICC), located in Paris. The Incoterms® rules are an internationally recognised standard set of trading terms and conditions used worldwide in international and domestic contracts for the sale of goods. The Incoterm rules describe mainly the tasks, costs and risks involved in the delivery of goods from the sellers to buyers.
What is Incoterms 2010?
The Incoterms rules are revised from time to time. The most recent revision is Incoterms 2010 and the last modifications in Incoterms 2010 will mainly eliminate four Incoterms – DEQ, DES, DAF and DDU – and introduce two new Incoterms “D”, DAT (Delivered at Terminal) and DAP (Delivered at Place of Destination).
There are 11 Incoterm rules in the current Incoterms 2010 published by the International Chamber of Commerce. They are: EXW, FOB, FAS, FCA, CFR, CIF, CPT, CIP, DAT, DAP, DDP.
What does Incoterms Rules specify?
Each Incoterms rule specifies:
• the obligations of each party (e.g. who is responsible for services such as transport; import and export clearance etc)
• the point in where risk transfers from the seller to the buyer. The buyer and seller can achieve a precise understanding of what each party is obliged to do, whose’s responsibility lies in the event of loss, damage or other mishap.
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This video was produced by
1. Mr. Billy Fong Goon Poy, ACIB, MITD, Master Trainer
2. Ms Sook Ling, Online Content Creator
Tradelinks Resources conducts public training programs for the following International Trade courses in Malaysia
1. Incoterms 2010
2. Letters of Credit
3. Bills of Lading - Correct Preparation To Avoid Rejection by Banks