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INCOTERMS for International Trade

7 Mar 2023

Incoterms, established by the International Chamber of Commerce (ICC) in 1936, serve as globally recognized commercial terms that outline the responsibilities and obligations of buyers and sellers throughout the shipping process. Updated regularly to adapt to evolving trade practices, Incoterms encompass vital aspects of international trade, including payment, insurance, transportation, and associated costs. It is crucial for both buyers and sellers to reach a mutual agreement on Incoterms to prevent any disputes or misunderstandings. - Aniithaa KP, Chief Operating Officer (COO) at TASchem Industries.

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