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 ?
As discussed above, the use of Incoterms can lead to situations where the application of GST/HST is no longer in sync with the parties' intentions.
Home companies should learn more about INCOTERMS 2010 in order not to be losers in the international transport," the Chamber appealed.
Selecting these ports in a tradeoff for fewer sailing options can drive down origin inland pre-carriage cost when combined with FCA incoterms.
While Incoterms don't specifically treat the issue of title transfer, they do specifically treat the components used in determining the issue of title transfer.
Transit times, incoterms, rapid customs clearance, sourcing decisions, pipeline inventory, etc.
There are actually 13 Incoterms, each of which is defined in extensive detail, which span the full range of export options for dividing the conveyance responsibilities between international sellers and buyers.
Guide to INCOTERMS (International Commercial Terms), ICC Publishing Corp.
Pour rappel, les incoterms servent a definir les droits et obligations des acheteurs et des vendeurs qui participent a des echanges commerciaux.
uk Thursday, May 12 UKTI Northwest is encouraging North West businesses to attend a free event to find out about the latest Incoterms 2010 rules and how they can assist in international trade success.
The current incoterms in use are found in the publication Incoterms 2000.