Incoterms : What is the importance of using the RIght Incoterms?

In this video you will learn the importance of using the right Incoterms and I'll be showing you some examples when Importers & Exporters that didn't use the right Incoterms.
This is an animation video of a chapter from the book : An International Bankers Insights on Incoterms Rules by Roy Becker.
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Incoterms : Answers to 5 Incoterms Questions that You Need to Know
• Answers to 5 Incoterms...
When a seller and a buyer enters into a sales contract, they would need to specify details eg method of payment, what are the goods (quantity and quality), delivery dates, documents required etc. They would also indicate what is the Incoterm Rule to be used.
What is Incoterms?
International Commercial Terms (Incoterms) was first created and published in 1936 by the International Chamber of Commerce (ICC), located in Paris. The Incoterms® rules are an internationally recognised standard set of trading terms and conditions used worldwide in international and domestic contracts for the sale of goods. The Incoterm rules describe mainly the tasks, costs and risks involved in the delivery of goods from the sellers to buyers.
What is Incoterms 2010?
The Incoterms rules are revised from time to time. The most recent revision is Incoterms 2010 and the last modifications in Incoterms 2010 will mainly eliminate four Incoterms - DEQ, DES, DAF and DDU - and introduce two new Incoterms "D", DAT (Delivered at Terminal) and DAP (Delivered at Place of Destination).
There are 11 Incoterm rules in the current Incoterms 2010 published by the International Chamber of Commerce. They are: EXW, FOB, FAS, FCA, CFR, CIF, CPT, CIP, DAT, DAP, DDP.
What does Incoterms Rules specify?
Each Incoterms rule specifies:
o the obligations of each party (e.g. who is responsible for services such as transport; import and export clearance etc)
o the point in where risk transfers from the seller to the buyer. The buyer and seller can achieve a precise understanding of what each party is obliged to do, whose's responsibility lies in the event of loss, damage or other mishap.
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This video was produced by Sook Ling, Online Content Creator
Tradelinks Resources conducts public training programs for the following International Trade courses in Malaysia
1. Incoterms 2010
2. Letters of Credit
3. Bills of Lading - Correct Preparation To Avoid Rejection by Banks

[@mitsurunishiuwatoko7149]

Thank you. Quite excellent lectures.

[@TradelinksResources]

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[@LinhPhuong-by5sk]

Thank !!! Your videos is very helpful to me 🥰

[@TradelinksResources]

thanks for your kind words

[@mohandouamarsihadjmohand4332]

thank for your videos very instructives

[@pedrohelenyemilio]

Easy to understand very good

[@TradelinksResources]

thanks

[@mohandouamarsihadjmohand4332]

please do u have a video explaining how to make international contracts

[@uniqueidea6085]

Thanks

[@phearunkhum1264]

Really useful

[@mohandouamarsihadjmohand4332]

please do u have a video explaining how to make good contracts

[@9ofcups915]

Hello, are incoterms only used by sea shipment? We want to buy samples, which will be send by air. We need to make sure every cost will be for the supplier. And the samples arrive at our door. No suprises

[@rajendramonde425]

Hi, can you please make a video on the Revenue and Cost on HBL and MBL. Also which charges are House Specific

[@TradelinksResources]

Hi ! thanks for your comment, i'll add it to the list of video to be created

[@gusskh5497]

great

[@TradelinksResources]

thanks for your comments

[@md.shahidulislam7913]

I have been benefited from your lecture. I request you to make vidio on CDCS syllabus.

[@sudanaexports7696]

Hi , Thanks for this info, please guide, I have 1 query, We exports our goods on FOB terms , recently our freight forwarder told us to do the compulsory Palletization of the cargo, but this requirement is not asked by our client nor do we need it,of course the cargo will be safe but it effects the pricing because of the volume. so we asked our Freight forwarder the reason, they says its an requirement of overseas custom that all imported cargo needs to be Palletized & earlier the carrier use to pallettized the cargo without any charge(atleast we were not charged) but now onwards they will be charging for the same.First is it possible that overseas customs will ask for such compulsory palletization of its imports and second who will bear the cost we or the importer.. also please note Freight forwarder is appointed by our client.

[@TradelinksResources]

thanks for your query, unfortunately I'm not able to assist with answering your query at this present moment, but i shall refer this query to our trainer for his input

[@JayPeaCdn1]

Hi Sudana Imports, If I may try to assist please by stating the following: 1) In all cases as an exporter you should be consulting with your own forwarder for the preparation of the export docs and for their expertise. 2) Without knowing the final destination it is difficult to tell you whether this is a customs obligation as the rules differ in each country. 3) I am of the impression that the consolidator is the party whom wants the goods palletized to facilitate handling. 4) Regretfully under FOB terms you are in fact liable for all charges / risks until the cargo is laden on board. 5) In future suggest you use the proper term as FCA consolidators designated warehouse. INCO terms can and should be defined as above. Good Luck FSIL CONSULTING

[@harifc.a6226]

Hi, I am Harif, working in Dubai in logistics and supply chain M/S Sudans exports, since you were using FOB, this is not your responsibility to do palletizing the cargo as it was not your country’s customs regulation, it is the importer country customs regulation which preventing you to export. You can load the items and stuff the container without pallet, but once imported in the destination, customer will need to pay customs penalties Since the term is FOB, your responsibility is only until the shipment is on board, if the term was DAP/DDP, it would have been a different story Hope it’s clear You can reach out to me in [e-mail] any time if you have any doubts

[@hustensaftvernichter3785]

''No one uses them anyways!'' - So, how do these people conduct business? Are they just like ''Yeah, you know... Ship it somehow, and we might pay you someday. And don't insure, It's all going to be fine. Also, I really don't care who loads the stuff and who pays for whose service.'' If that's true, that is just insane. Imagine those two completely clueless sides to the trade actually meet in court trying to sue the last penny out of each other when something goes wrong, because no one actually adressed who's responsible. I can't imagine that what ''the banker'' said applies, really.