I learnt from a recent blog, that the introduction of the all important INCOTERMS was first signed in Paris on the 1st September 1936.
So we celebrate the milestone and 80th anniversary of the INCOTERMS – today being the most universally utilised contractual terms in the international trade field.
One important aspect I have learnt over the years, is that an INCOTERM such as CFR, FOB, Delivered Duty Paid (DDP), confirms the liability of one of the parties (i.e. the exporter or the importer), to pay the related costs to notionally “present the goods” at a certain point or place within the international supply chain journey, however legal risk can also occur at a different point/place in time, if the parties agree.
Such an important document in the complex world of international trade.
Enjoy the next 80 years!
Trusted Trader International