Lectures and Reading for My Class, Incoterms

923 Words Feb 25th, 2018 4 Pages
I found the lectures and readings on Incoterms to be of particular interest. As a bilingual and bicultural individual who was privileged enough to learn two languages and maintain my understanding of both Japanese and English well into my adult years, I have often wondered how language barriers may have an adverse effect on those who conduct international business by relying solely on their native language. Incoterms, published by the International Chamber of Commerce, greatly mitigates the risk of miscommunication in international trade transactions by setting pre-established terms that can be easily studied, learned, and used, regardless of one’s mother tongue. The Incoterms introduced to the class were fairly easy and straight-forward in terms of understanding: for instance, DDP (Delivery Duty Paid) would be much more of a desirable incoterm to see on a business contract from the buyer’s point of view, as all duties and taxes involved in the business transaction is agreed to be paid by the seller. I understood Ex-Works to essentially be the opposite of DDP, as the buyer takes responsibility for all expenses involved in the shipment process, including freight charges, insurance, and clearance taxes, creating an ideal scenario for…
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