What are Incoterms?

Incoterms are the terms and conditions of delivery of goods between buyer and seller. They describe all obligations, risks and costs involved in a transaction. Incoterms are known and accepted worldwide. They reduce the risk of misunderstandings between all who are involved in the logistcs process, because it is clear in advance who is responsible for what. It’s no coincidence Incoterms have to be included on your commercial invoice. The most common Incoterms are: EXW (Ex-Works), DAP (Deliverd at Place) and DDP (Deliverd Duty Paid). As of 1/1/2020 Incoterms have been updated to Incoterms® 2020. Be well informed about the obligations and new possibilities of the updated Incoterms.