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Incoterms 2010: What’s the Responsibility of Supplier and Buyer? (Infographic)

excelsior on December 9, 2016

Whether you are new in the importing and exporting industry or not, you might have already encountered the term Incoterms in your business. For starters, International Commercial Terms or Incoterms , which the latest edition was released in 2010, is a set of standardized trade terms created and published by International Chamber of Commerce in 1936 to serve as the basis of agreement between the supplier and the buyer that trades internationally.

The latest edition, the Incoterms 2010, contains 11 rules which are divided into two classes: 1. Rules for any mode or modes of transport; and 2. Rules for Sea and Inland Waterway Transport. Both differs in the mode of delivery, but understanding the difference between each rule is critical to know where and when the responsibility of the buyer and the supplier ends.

Detailed below are the duties of buyer and supplier in accordance with the 11 rules in Incoterms 2010.

Importer Checklist: Save Time and Money (Infographic)

excelsior on September 9, 2016

Being competitive in today’s market requires your overall business operations to be fast and smart in every step of the way, all while maintaining a sound profit and cash flow. Many of the trade leaders nowadays see importing as a strategic move to overcome the strains in this overly competitive market. Importing, especially if it’s the backbone of your business, can give you an upper-hand in the market if executed carefully. Whether it’s your first time to import products from other countries or not, it is always important to know the basics and other fundamental factors that can affect the whole importation process. To help you carry it out, we’ve put together seven things that can actually save you time and money when bringing in those raw materials and products into the local area of your operations.