12 Jan 2021Ended

The importance of Incoterms in international contracts


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Jan 2021


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The importance of Incoterms in international contracts - The growth hub is a single place to access business support for Leicester and .. Read more Leicestershire. Understanding the obligations, costs and risks imposed by your shipping terms with EU customers is vital as the EU transition ends. Incoterms are a set of internationally recognised 3-letter trading terms, they describe the arrangements for getting goods from the seller to the buyer in international trade, whilst clearly dictating the obligations, costs and risks for both parties. As part of the EU, shipping goods from Leicester to Paris has been little more complicated than shipping goods from Leicestershire to Lincolnshire; however, as we near the end of the EU transition, our trade with the EU will be subject to customs formalities and controls. In light of the UK leaving the EU and the added complexity of customs formalities and controls, some existing trading arrangements could become too onerous and risky for the buyer or seller. It is essential that UK businesses understand their obligations and the cost implications of this new way of trading with the EU, as existing contracts and delivery terms may need to be renegotiated to prevent either party exposing itself to too much risk. This is the seventh in a series of 10 webinars for the Business Gateway Growth Hub aimed at helping companies prepare for international trading post EU transition period.

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