What are IncoTerms?

What are IncoTerms?

so What are IncoTerms?  Here Monty is talking about why IncoTerms matter.  Get these wrong and you can find yourself treated as owning goods outside the UK and that will mean having to register for VAT in other EU countries, which will be expensive.

This is a detailed area that needs careful handling – you can read more here.

Brexit has brought into play a whole raft of new considerations that businesses need to get to grips with.  The fundamentals are a good place to start.

Incoterms come under 2020 rules and are the official commercial terms as published by the International Chamber of Commerce (ICC).  Incoterms can’t override any local country laws but are respected by all major trading nations as a voluntary, authoritative, globally-accepted and adhered-to text for determining the responsibilities of buyers and sellers for the delivery of goods under sales contracts for international trade.

What are IncoTerms?  Having said that Incoterms are only part of the whole export contract and don’t say anything about the matters that should be covered off in the contract of sale such as the price to be paid; the timing or method of payment; breach of contract or liability arising from the product.

Please get in touch if we can help you.  Remember sooner is always better.

Posted in 'Paws for Thought', Brexit etc.