When something goes wrong during a commercial transaction, who is responsible, the exporter, the importer, the carrier?
The Incoterms® are a series of widely accepted terms used in international trade to resolve any conflict that may arise between all sides involved in a transaction.
Incoterms® were first published in 1936 by the International Chamber of Commerce, based in Paris. Since then, this organization has modernized the Incoterms® on several occasions to bring them in line with current commercial practices. The last update was published in 2010.
The Incoterms® are 11 three-letter terms that set out the responsibilities of exporters and importers with relation to the tasks, costs and risks involved in a commercial transaction.
Any international commercial transaction is expressed in a sale contract, in which seller and buyer must agree who pays for transport costs, who is responsible for the goods if they get damaged and who is taking care of customs paperwork.
The use of Incoterms® is not compulsory, but their inclusion in a sale contract is highly recommended, as they reduce uncertainty about the criteria and commercial terminology to be used between the parties.
In the event of a dispute, the responsibilities of both sides involved in the transaction are clearly defined.
This App has been developed by ICEX (Spanish Institute for Foreign Trade) and it is aimed to exporters, educators, students and all those interested in knowing the Incoterms®.
The content is divided into several sections and it is explained through short videos which the user can complement with a transcription of the text. Also, it includes a glossary and an interview with Cristina Portolés, an expert in international transports.
Incoterms® is a trademark of the International Chamber of Commerce (ICC) based in Paris (France). ICC has no participation in the development of this app. For further information on ICC’s official publications, please go to www.iccwbo.org