Incoterms 2020, Shipping, and Trade Terms defined // Complete Guide
Incoterms are created by the International Chamber of Commerce (ICC) to dictate when and how a shipment is to be handed off between a buyer and a supplier. The ICC updated the terms into what is called Incoterm 2020. Incoterms also define who is expected to pay the insurance and when the transfer of risk happens between the buyer and the seller. This is the first time that the Incoterms drafting group has included representatives from China.
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