Incoterms 2020
The International Commercial Terms or widely known as Incoterms was developed by the International Chamber of Commerce to clearly state the standards for every contract arranged by a seller and buyer when moving goods from one place to another. It is a set of 11 internationally recognized 3-letter trade terms applicable to airfreight and/or seafreight indicated on the shipping documents. This will eliminate potential misunderstanding regarding obligations of payment for the freight, customs clearance, transportation, and other services.
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