{"id":5746,"date":"2024-07-08T09:13:30","date_gmt":"2024-07-08T09:13:30","guid":{"rendered":"https:\/\/balguerie-group.media-bgp.com\/?p=5746"},"modified":"2024-07-08T09:13:32","modified_gmt":"2024-07-08T09:13:32","slug":"incoterms","status":"publish","type":"post","link":"https:\/\/balguerie-group.com\/en\/incoterms\/","title":{"rendered":"INCOTERMS"},"content":{"rendered":"\n<p>Incoterms is the contraction of &#8220;International Commercial Terms&#8221; and constitutes a codified set of standard contractual provisions relating to the carriage of goods. The Incoterm is essential for planning any international shipment, and is always associated with a geographical location that represents the &#8220;critical point&#8221; at which responsibility is transferred between the seller and the buyer. The latest version dates from 2020, and they are revised every ten years to reflect changes in international trade practices.<\/p>\n\n\n\n<p>An Incoterm is not a contract of sale, but it does bind the seller to a buyer.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">THE ROLE OF INCOTERMS<\/h2>\n\n\n\n<p>Incoterms are designed to share international logistics costs and risks between seller and buyer. Each incoterm mainly offers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The division of international logistics operations and the corresponding costs between the seller and the buyer<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The obligations of the seller and the buyer<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The point at which the risk in the goods passes from the seller to the buyer<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Documentary obligations<\/li>\n<\/ul>\n\n\n\n<p>However, these rules do not govern:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transfer of ownership<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Method of payment<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Applicable law<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Jurisdiction<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">4 GROUPS OF INCOTERMS<\/h2>\n\n\n\n<p>There are several families of Incoterms:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/balguerie-group.media-bgp.com\/wp-content\/uploads\/2024\/07\/INCOTERMSSS-2-1024x626.png\" alt=\"\" class=\"wp-image-5759\" width=\"419\" height=\"255\" srcset=\"https:\/\/balguerie-group.com\/wp-content\/uploads\/2024\/07\/INCOTERMSSS-2-1024x626.png 1024w, https:\/\/balguerie-group.com\/wp-content\/uploads\/2024\/07\/INCOTERMSSS-2-300x183.png 300w, https:\/\/balguerie-group.com\/wp-content\/uploads\/2024\/07\/INCOTERMSSS-2-768x469.png 768w, https:\/\/balguerie-group.com\/wp-content\/uploads\/2024\/07\/INCOTERMSSS-2.png 1137w\" sizes=\"(max-width: 419px) 100vw, 419px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">2 TYPES OF INCOTERMS<\/h2>\n\n\n\n<p>These 4 groups of Incoterms are divided into two categories of Incoterms used according to the mode of transport chosen.<\/p>\n\n\n\n<p>Multimodal Incoterms:<\/p>\n\n\n\n<p>Suitable for all international modes of transport: sea, air, rail and road. These Incoterms are intended for use when the place where the seller hands over the goods to the buyer is not on board a ship or in a sea or river port.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EXW<\/strong>: Ex Works (ex works)<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FCA<\/strong>: Free Carrier<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CPT<\/strong>: Carriage Paid To<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CIP<\/strong>: Carriage and Insurance Paid To<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>DAP<\/strong>: Delivered At Place<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>DPU<\/strong>: Delivered at Place Unloaded<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>DDP<\/strong>: Delivered Duty Paid<\/li>\n<\/ul>\n\n\n\n<p>Maritime Incoterms:<\/p>\n\n\n\n<p>The 4 Incoterms are called &#8220;maritime&#8221; because they are intended to be used when the seller places the goods on board or in the vicinity (in the case of FAS) of a ship, in a sea or river port.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FAS<\/strong>: Free Alongside Ship<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>FOB<\/strong>: Free On Board<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CFR<\/strong>: Cost and Freight<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CIF<\/strong>: Cost Insurance and Freight<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">TRANSPORT INSURANCE AND INCOTERMS<\/h2>\n\n\n\n<p>With the exception of CIP and CIF, where insurance is required, it is not compulsory for the other incoterms, but is strongly recommended.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For CIPs, the insurance required is &#8220;all risks&#8221;.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For CIFs, the minimum insurance required is &#8220;FAP except&#8221;.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">CHOICE OF INCOTERM<\/h2>\n\n\n\n<p>1\/ Depending on the goods<\/p>\n\n\n\n<p>If the customer is exporting sensitive or high value-added goods such as frozen food or luxury goods, we recommend mastering the entire transport chain in order to choose the most appropriate means of transport.<\/p>\n\n\n\n<p>2\/ Depending on the country of destination<\/p>\n\n\n\n<p>The more complex and numerous the formalities in the importing country, the more complicated it is for an exporting company to manage transport and its obligations. So it&#8217;s best to let the importer take charge from the moment the goods are loaded through to shipment.<\/p>\n\n\n\n<p><a href=\"https:\/\/balguerie-group.com\/en\/contact-form\/\" target=\"_blank\" rel=\"noreferrer noopener\">Contact us<\/a> to find out more about incoterms and how to choose them, or to receive our detailed flyer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incoterms is the contraction of &#8220;International Commercial Terms&#8221; and constitutes a codified set of standard contractual provisions relating to the carriage of goods. The Incoterm is essential for planning any international shipment, and is always associated with a geographical location that represents the &#8220;critical point&#8221; at which responsibility is transferred between the seller and the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":5741,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[47],"tags":[57,56,54,49],"class_list":["post-5746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technical-info","tag-export-en","tag-import-en","tag-multimodal","tag-sea-freight"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>INCOTERMS<\/title>\n<meta name=\"description\" content=\"Incoterms is the contraction of &quot;International Commercial Terms&quot;. He&#039;s essential for planning any international shipment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/balguerie-group.com\/en\/incoterms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"INCOTERMS\" \/>\n<meta property=\"og:description\" content=\"Incoterms is the contraction of &quot;International Commercial Terms&quot;. 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