Wednesday, March 18, 2020

Good Time to Master Incoterms® 2020 Rules

©iStock/Visual Generation
The novel coronavirus (COVID-19) presents an unprecedented situation, having immediate global impacts on communities worldwide, especially those most at risk.  With the recent recommendation from the Centers for Disease Control and Prevention and the World Health Organization to social distance, wash your hands as often as possible, monitor your health, and stay at home, we thought this would be a good time to brush up on how to price your international transactions properly for when this outbreak clears.

For example, whenever you sell an overseas customer, you must quote them with the right terms.  As our friends over at Shipping Solutions say, "Using the wrong term could mean you are liable for transportation and other fees you hadn’t built into the price of your goods." To avoid that at all costs, download the Incoterms® 2020 Rules: Chart of Responsibilities and Transfer of Risk (requires quick signup) so you can instantly identify which fees and potential liabilities you face under each of the 11 trade terms.

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