In my experience as a trade lawyer for the past 38 years and a licensed US Customs Broker, INCOTERMS are increasingly used and equally increasingly misapplied and misunderstood. As an exporter to the US, failing to use the best Incoterm can cost your company greatly; such as selecting an Incoterm to cover the transaction which does not specify which party is to obtain cargo insurance, not having the export shipment insured, and then ending up in a costly and time-consuming dispute in the event of damage to or complete loss of a shipment.
This presentation will focus on not only providing a basic understanding of INCOTERMS overall but will also detail the benefits and risks associated with the choice of any of the eleven current Incoterms. We will advise you on the best choice of Incoterm in certain situations, those to avoid, and those that can be most beneficial given your preference of cargo transportation, delivery times, and control of the importing country’s entry process.
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