Introduction To Incoterms 2010

Introduction To Incoterms 2010

DHL Express Singapore provides help to manage responsibilities and risks under Incoterms rules for export through courier service.

The Incoterms, or International Commercial Terms, is a set of rules that outline the responsibilities and risks to be placed on the seller and receiver during an international trade process. Widely used in commercial agreements worldwide, the Incoterms 2010 consists of 11 different trade definitions to help both seller and receiver to communicate the terms of a contract in a clearer manner.

For each trading rule, there are different allocation of risks and responsibilities throughout the entire shipping process. The table below summarises the extent of responsibilities for both seller and receiver throughout the entire shipping process, from customs clearance and shipping insurance to exporting of courier services.

Basic Overview of the Incoterms® 2010 rules

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So how can this apply to your business?

With sufficient understanding, the Incoterms can be a powerful tool to mitigate risks and delegate roles and responsibilities clearly in an international transaction. This prevents any unnecessary disputes or costs incurred to fix mistakes during the international shipment process.

With our over 50 years of experience in the logistics and exporting service industry, DHL Express Singapore has developed an all-rounded understanding of the Incoterms, hence we are well-equipped to help your business stay on top of your responsibilities outlined by your Incoterm rule. You can negate possible risks with our extensive services – from express international export and import services to customs services and shipping insurance in Singapore. An updated version of the Incoterms will be published in 2020, and it is important to keep abreast of such changes.

To find out more about how DHL Express Singapore can help with your express courier delivery service and international trade process, contact one of our consultants.

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