Companywide knowledge of Incoterms is fundamental to supply chain execution and financial success. Because trade terms deal with the seller’s delivery responsibility under a sales contract, Incoterms impact areas that include risk transfer, shipping, landed cost controls, calculation of gross profit and payment for logistics services. Equally applicable to importers and exporters, the content of this module will go beyond the basics of understanding shipping terms to address rights and responsibilities between the seller and buyer, as well as the division of transportation costs between the parties. With an emphasis on the updates to Incoterms 2020, this class will set the stage for other modules to follow.