The Incoterms in 2020, COVID-19 and How the Incoterms Can Truly Help CONNECTS Members
What are the Incoterms?
The Incoterms rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport, or preparing a certificate of origin at a port, the Incoterms rules are there to guide you. The Incoterms rules provide specific guidance to individuals participating in the import and export of global trade on a daily basis.
“Incoterms” is an acronym standing for international commercial terms. “Incoterms” is a trademark of The International Chamber of Commerce (ICC), registered in several countries.
The ICC’s mission is to promote open markets and ensure global economic prosperity through trade. The Incoterm rules facilitate trillions of dollars in global trade each year.
Since its founding in 1919, ICC has been committed to the facilitation of international trade. ICC developed Incoterms in 1936 and updates them periodically to conform to changing trade practices.
Why are they important?
Although other clauses for global trade exist around the world, such as the Harmonised Tariff Schedule of the United States, Incoterms rules are global in their reach. Similarly, Incoterms rules do not include trade terms codified for national purposes, such as the “less than truckload shipping” (LTL) rule of the United States. Unlike national trade policies, Incoterms rules are universal, providing clarity and predictability to business.
Globally recognized, Incoterms prevent confusion in foreign trade contracts by clarifying the obligations of buyers and sellers.
Whom do they concern?
Parties involved in domestic and international trade commonly use them as a kind of shorthand to help understand one another and the exact terms of their business arrangements. Some Incoterms apply to any means of transportation; others apply strictly to transportation across water.
The Incoterms rules are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade.
How to get them
Incoterms® 2020 is available on ICC’s new e-commerce platform ICC Knowledge 2 Go in both print and digital formats.
The 2020 edition is available in no fewer than 29 languages — from Estonian and German to Pashto and Spanish.
The print format is available for €45,00 and the e-book is available for €40,00.
Updates since COVID-19
ICC is committed to helping small businesses impacted by COVID‑19.
Whether you are looking for new ways to go global or interested in finding a neutral framework for your contractual relationships without the cost of a lawyer, the International Chamber of Commerce (ICC) has a variety of dedicated digital tools to support and guide small businesses in the face of the worst health and economic crisis of our time.
To help SMEs, ICC is also offering a range of essential digital business resources, for free or at a 50% discounted rate.
Link with CONNECTS
The Incoterms are particularly helpful for companies that are members on CONNECTS.
CONNECTS is a digital Business Matchmaking Platform that allows entrepreneurs to initiate trustworthy business opportunities worldwide.
Strong business relationships can only be developed through trusted networks. Working with Chambers, we provide access to leads, suppliers, partnerships, skills, and business communities you can trust, throughout the world.
CONNECTS facilitates business networking worldwide, which is where the Incoterms come into play, since they allow companies to avoid confusion in international trading contracts by clarifying the obligations of buyers and sellers.
Companies using CONNECTS thus have a lot to gain by using the Incoterms.
Want to learn more about CONNECTS?
Trading internationally and interested in making your company grow and prosper?
Join CONNECTS and discover a world of new business opportunities you can trust.
Enjoy our latest offer: free trial for 90 days. This offer includes:
- The opportunity to connect with all our members
- Validation by a moderator
- Access to the companies and member search tool
- View and create business opportunities
- Online training on how to use the platform
Business is all about confidence in the future. At CONNECTS we believe we can only develop strong business relationships through trusted networks.
We provide entrepreneurs with the best of both worlds, the digital and the personal user experience. The platform is a unique, simple, and effective tool for online B2B matchmaking.
You can also have a look at other successful business leads here.