What are Terms of Trade?

Possibly the most important clause within an international contract of sale is that which describes the terms of trade chosen between the seller and the buyer.

These identify the following issues for both parties to the transaction:

Responsibilities of both parties and their service providers
The division of risk between seller and buyer
The division of costs between seller and buyer.

These issues are dealt with in international trade terms. Those most commonly used have been developed over time by the International Chamber of Commerce (ICC) and are known as “Incoterms”, or International Commercial Terms. These are 3-letter short-hand expressions of trade terms that divide the various responsibilities between the seller and the buyer. This set of international rules for the interpretation of terms of trade was first published by the ICC in 1936, with the latest amendment being introduced from 1st January 2020.

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Industry Specific Guidance and Logistics Advice

Oil and Gas

We have been providing logistics services to the oil and gas industry for many years. Our specialist team have worked on many projects across the world and understand the demands of this sector more than most.

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Tudor International Freight provide a wide range of supply chain solutions to the aerospace sector. Our staff are familiar with industry terms and jargon – we understand and speak your language.

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