Inco Terms for movement of goods is revised as Incoterms 2020. The importers and exporters are suggested to use the latest version. Click here to read the contents of Inco Terms 2020.
How to apply Inco Terms to Sale Contract between Buyer and Seller?
The rules of Inco Terms can be applied to the sale agreement between importer and exporter (buyer and seller) by clearly mentioning the words, “(choose Inco terms rules) (named port, place or point) Incoterms 2020.)”
For example, if the buyer and seller mutually agreed CFR SINGAPORE as terms of delivery of goods and entering in to a sale contract, CFR SINGAPORE INCOTERMS 2020 is mentioned.
Let us provide some more examples to make it clear:
Suppose a buyer from New York would like to deliver goods to No.86, ZYZ street, Swindon road, New York. He contracts delivery terms as DPU with the Exporter at Shanghai. Here, the terms of delivery in their Sale Contract to be mentioned as “DPU, No.86, ZYZ street, Swindon road, New York, Inco Terms 2020”
Inco Terms for movement of goods is revised as Incoterms 2020. The importers and exporters are suggested to use the latest version. Click here to read the contents of Inco Terms 2020.
Learn practical problems and solutions in Exports and Imports
Click here to read latest Inco terms rules for delivery of goods
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