Incoterms & Customs: common mistakes
Incoterms are delivery terms agreed upon between the buyer and the seller. Since their introduction in 1936, Incoterms have been used worldwide. They are revised every 10 years, with the most recent revision occurring in 2020. Incoterms are also important in the context of customs-related matters. For example, the term determines who is responsible for import and export formalities. Additionally, some of the elements used in calculating the customs value are dependent on the Incoterm. This article describes five common mistakes. Benefit from these insights!