Incoterms

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Incoterms

Trade terms used worldwide to specify seller and buyer obligations in shipments against international sales contracts. These terms are adopted by the International Chamber of Commerce (ICC) for international movement of merchandise. Since they in themselves are not law, they must be specified if desired in quotations, sales contracts, purchase orders and commercial invoices.

Incoterms

A series of standardized contracts for international commerce. Incoterms specify the rights and obligations of the buyer and the seller and what each must contribute to ensure that the good is delivered in good order. The most important aspects of incoterms are at what point risk transfers from the seller to the buyer and which is responsible to pay for transportation. Incoterms are agreed upon between the buyer and the seller. They are often expressed as an abbreviation. Common examples include EXW and FOB. See also: International Chamber of Commerce.
References in periodicals archive ?
One final word about the UCC: In 2004, the American Law Institute (ALI) and the National Conference of Commissioners on Uniform State Laws (NCCUSL) deleted the "shipping and delivery" terms contained in the UCC and replaced them with Incoterms 2000, which await approval by each state's legislature.
Em relação aos componentes de custos, foi observado que os INCOTERMS mais utilizados são o CIF e o FOB.
Assuming that the seller's obligation is completed at the delivery points included in the incoterms and/or the appropriate document of title is provided, title is likely to have transferred from the seller to the buyer at the point of delivery.
INCOTerms are standard trade definitions most commonly used in international sales contracts.
Between these two extremes you have the 11 other Incoterms including the most widely used one, CIF, short for cost, insurance and freight.
Currently, customers can book their cargo, acquire insurance, customize their incoterms, manage multiple shipments and do all their documentation at iContainers.
The reader is given detailed information on INCOTERMS, Transport documentation, various kinds of Bills of lading and payment methods in international trade context.
Il a ete recommande de depenaliser l'acte d'exporter, de prolonger le delai de rapatriement des devises a 300 jours, d'elargir les incoterms qui servent a definir les droits et devoirs des acheteurs et vendeurs en les adaptant aux besoins des exportateurs et de reduire les delais de recuperation de la TVA aupres des impots (logiciel a interconnecter entre les services des impots et des douanes).
We also regularly organise seminars, workshops and training courses on various legal topics of interest to companies and the business community including consumer and trademark protection, Incoterms, family businesses and other topics to apprise the business community with the various trade legislations, laws and rights prevalent in the country.
The programme addresses related topics such as methods of payment, an in-depth look at the sales contract, fundamental knowledge of foreign exchange, basic understanding of Incoterms 2010 and the understanding of an export consortium.
Topics covered will include international shipping, incoterms, getting paid by foreign buyers, insuring foreign receivables, working capital, business roundtable with current exporters, technical, financial and management information assistance and how to find export sales in new markets and increase sales in existing markets.