Incoterms® Archives

4 Misunderstood Incoterm® Rules

November 21, 2022Posted by TFSA School of ExportIncoterms®

Incoterms® are a standard set of rules developed by the International Chamber of Commerce for the delivery of goods. There are eleven Incoterm® rules, and each Incoterm® has a unique allocation of risk, responsibilities and costs for both the buyer and seller. However, certain Incoterms® are commonly misunderstood. This article will explain four Incoterms® that are commonly used incorrectly.

5 Key Points for Working with Incoterms®

October 24, 2022Posted by TFSA School of ExportIncoterms®

Incoterms® are a standard set of rules for the delivery of goods. In particular, they stipulate which party to a sales contract shoulders the risk, costs and responsibilities at any given time during the delivery of goods in an export/import transaction. Incoterms® streamline these negotiations and play a significant part in international trade. However, many exporters misuse them. This article focuses on five things to remember about working with the Incoterms® rules.

Incoterms® and Quoting an International Buyer

October 17, 2022Posted by TFSA School of ExportIncoterms®

When exporting, a feasibility study will involve several investigations that collectively inform you of possible risks posed by the buyer or foreign market concerned and highlight the costs you need to include in the price you quote for the goods in question. An exporter should only undertake the preparation of an export quotation after completing a feasibility study that includes the accurate costing of the proposed transaction. An accurate quotation is essential in ensuring your export initiative is successful.

Incoterms®, Marine Insurance and Quoting for Exports

September 16, 2022Posted by TFSA School of ExportIncoterms®

As we explained in our "what are Incoterms® article", Incoterms® are a standard set of rules developed by the International Chamber of Commerce for the delivery of goods. Incoterms® indicate which party (buyer or seller) to a sales contract bears the risk, costs and responsibilities at any given time during the delivery of goods in a particular international transaction.

Incoterms® and Multimodalism

September 14, 2022Posted by TFSA School of ExportIncoterms®, Modes of Transport

The ICC reviews the Incoterms® rules more or less every ten years and currently promotes eleven Incoterms®. Each Incoterm® has a unique allocation of risk, cost and responsibility for both buyer and seller. The changes made to the Incoterms® rules have primarily been in response to developments in the international transport landscape. A significant development in how goods are delivered internationally has been the introduction of multimodalism.

Incoterms® Explained: The Evolution of Incoterms®

September 13, 2022Posted by TFSA School of ExportIncoterms®

As we explained in our "What are Incoterms® rules" article, Incoterms® are a standard set of rules developed by the International Chamber of Commerce for the delivery of goods. Incoterms® indicate which party (buyer or seller) to a sales contract bears the risk, costs and responsibilities at any given time during the delivery of goods in a particular international transaction. The ICC currently approves eleven Incoterms®, and each Incoterm® has a unique allocation of risk, cost and responsibility for both buyer and seller. In this article, we explain the evolution of Incoterms® over the years.

Incoterms® Groupings Explained

September 12, 2022Posted by TFSA School of Export2Incoterms®

There are four Incoterms® groupings, with the first letter of the designated international code indicating the category to which each term belongs. The Incoterms® groupings are E, F, C or D terms. In this article, we take a look at some of the characteristics of each category.

Incoterms® explained: CIF and CIP

September 8, 2022Posted by TFSA School of ExportIncoterms®

As we discussed in our 'Incoterms® explained' article, the ICC (International Chamber of Commerce) currently promotes eleven Incoterms®, and each Incoterm® has a unique allocation of risk, costs, and responsibility for both buyer and seller. Certain Incoterms® can only be used for ocean transport, while others can be used for all modes of transport.

Incoterms® explained: CIF

September 6, 2022Posted by TFSA School of Export2Incoterms®

Certain Incoterms® can only be used for ocean transport, while others can be used for all modes of transport. The four Incoterms® that apply specifically to ocean transport are FAS, FOB, CFR, and CIF. The remaining seven Incoterms® can be used for any mode or combination of modes of transport, i.e., multimodalism. This article focuses on CIF and its implications for the seller.

Incoterms ® explained: FOB

September 5, 2022Posted by TFSA School of Export1Incoterms®

the ICC (International Chamber of Commerce) currently promotes eleven Incoterms®, and each Incoterm® has a unique allocation of risk, costs, and responsibility for both buyer and seller. Certain Incoterms® can only be used for ocean transport, while others can be used for all modes of transport. The four Incoterms® that apply specifically to ocean transport are FAS, FOB, CFR, and CIF.

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