Explanation should include
- definition of Incoterms
- role of the International Chamber of Commerce (ICC)
- responsibilities of sellers and buyers for the delivery of goods.
Process/Skill Questions:
- What is the importance of Incoterms?
- What are the responsibilities of the ICC?
- Why is it important for the buyer and seller to understand each other’s responsibilities during the shipping process?
- When determining price, why is it important for the seller to calculate total cost of delivery to ensure a fair selling price?
- What are some current trends in shipping practices regarding global transportation?
Teacher Resource:
Know Your Incoterms, International Trade Administration, U.S. Department of Commerce