BREXIT CHECKLIST
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3. WHAT ARE THE INCOTERMS WITH YOUR CUSTOMERS?
The Incoterms® define the point in the shipping process when the responsibilities for a shipment (such as costs, risk and insurance) move from sender to receiver. The sender and receiver agree on the Incoterms®, which specifies who pays for what shipping costs, before goods are shipped. Agreeing the Incoterms® in advance lowers the risk of costly misunderstandings later, such as the sender failing to insure the goods, or the receiver having to pay carrier fees upon delivery. These include: • Where the goods will be delivered • Who arranges and pays for the transport • Who is responsible for insuring the goods and who pays the insurance premium • Who handles customs procedures on imports and exports • Who pays duties and taxes
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