The Incoterms® 2020 rules define the responsibilities of buyers and sellers trading international and domestic. Reference to an Incoterms® 2020 rule in a sale contract clearly defines the parties’ respective obligations and reduces the risk of legal complications.
It’s imperative that all employees within an internationally trading company have a clear understanding of using and applying the Incoterms® 2020 rules to suit their business needs.
The initial quotation is the starting point and the chosen Incoterms® rule needs to be appropriate to the goods, to the means of transport and above all dependant on additional obligations.
JACK MORTON – WEC Group Limited
GRAHAM BLANCHARD – Fort Vale Engineering Ltd