Coffee Import and Export: Incoterms 2020 Summary of content and specific in Coffee Import and Export

Описание: Have you ever wondered what Incoterms 2020 are and why they matter in international trade? Incoterms, or International Commercial Terms, are essential guidelines set by the International Chamber of Commerce (ICC) to ensure buyers and sellers understand their roles, costs, and risks in global transactions. The latest version, Incoterms 2020, came into effect on January 1, 2020, bringing key updates and improvements to make international trade clearer and more efficient.

Key changes in Incoterms 2020 include:

The DAT term has been replaced by DPU.
Adjusted insurance requirements for CIF and CIP.
On-board bills of lading can now apply to FCA.
Cost-sharing obligations have been clarified in section A9/B9.
Incoterms 2020 includes 11 delivery terms, divided into two groups:

Group I: Applicable to all transport modes (e.g., EXW, FCA, CPT, CIP, DAP, DPU, DDP).
Group II: Specific to sea and inland waterway transport (e.g., FAS, FOB, CFR, CIF).
Understanding Incoterms helps businesses avoid disputes, manage risks, and streamline global trade contracts. For example, under EXW, the seller makes goods available at a designated location, while the buyer covers all costs and risks from that point onward. With FCA, the seller delivers goods to a buyer-nominated carrier at an agreed location, giving the buyer flexibility in transport arrangements.

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