Today, Doug & Roy dive in to the overall topic of “What are Incoterms Rules?” and discuss the new 2020 update to the rules that are now in effect worldwide.
INCOterms is an acronym for INternational COmmercial terms. While the rules are not laws themselves as many people misinterpret them to be, they are a set of globally standardized terms that parties can agree to for legally binding contracts. Incoterms rules define the risk and responsibilities of each party in an international shipment. Better understanding Incoterms rules can help businesses in many ways, such as reducing risks and increasing control over shipments.
Roy Becker’s background in the supply chain comes from his career in finance as an international banker. From that position, he observed how closely transportation was related to payments, so he ended up learning more and more about the Incoterms rules to better advocate for his clients. Today, he is involved with his business Roy Becker Seminars and is an instructor at the University of Colorado Denver and the World Trade Center Denver.