INCOTERMS (SVEOBUHVATNI PREGLED)
INCOTERMS (A COMPREHENSIVE OVERVIEW)

Summary/Abstract: Although business in Bosnia and Herzegovina does not neccesarily require the frequent use of International Commercial Rules (Incoterms), these rules certainly can have pragmatic applications for those who do use them in Bosnia and Herzegovina. It is important to know that Incoterms is not a generic name for any international trade term, but a trademark used to brand the rules designed by the International Chamber of Commerce (ICC). For example in the United States, one of the world's largest economic powers, a different set of trade terms is used. These Terms of Carriage are set forth in the Uniform Commercial Code (UCC). Delivery under the UCC is an intangible concept and occurs when and where the seller voluntarily transfers beneficial ownership of the goods to the buyer. Upon delivery, ownership and risk of loss are transferred to the buyer. It is in the buyer's best interest to carefully negotiate the terms of carriage, as the UCC favors the seller when the terms are not specified. But it is also fundamentally different from the concept used by the ICC. Buying and selling goods in the international trade system can often be complex, therefore it is necessary to clearly define responsibilities, costs and risks for all participants in the process. Whether it's filling out an order form, packaging or labeling a shipment, or preparing a certificate of origin, these rules have become part of our everyday language in commerce and are there to guide us. The ICC maintains and develops these rules, ever since they were first published in 1936 until today. To help companies prepare for global trade in the next century, the latest edition of Incoterms 2020 came into force on 1 January 2020 and should be used in all upcoming activities. The specifics of Incoterms, parities, contain a series of trade terms consisting of three letters, with very precise meanings for the sale of goods around the world, these will be clarified in this paper.

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