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The first INCOTERMS - uniform rules for the interpretation of international trade terms were published in 1936, by the International Chamber of Commerce (ICC) used in buying and selling on a world wide scale. Since then, ICC has amended and modernized these rules in 1953, 1967, 1980, 1990 and Incoterms 2000 Incoterms 2000 describe the responsibilities of seller and buyer in international trade. The full and authoritative defination of each trade term is published in Incoterms 2000. Publication 560
INCOTERMS 2000 (International Commercial Terms) This set of rules defines the precise obligations of buyer and seller to reduce the possibility of misunderstanding between the exporter and importer. The purpose of these terms are to clarify who are responsible (seller or buyer) for: 1. The cost of transporting the goods from one point to the other. 2. The risk of loss if the transportation cannot take place. 3. The risk of loss or damage to goods in transit. Incoterms 2000 aim are to set out the rights and obligations of the seller and the buyer when it comes to transporting the goods. |
Secrets of International Trading
How to manage Export Promotion? How to Draft and Agency Agreement? Export Trade Barriers & Trade Blocks
How to Conduct Export Research? How to calculate Costing for Export? Hazards of Export Packing & Shipping Export Shipment and Transportation |
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Each term means a different division of costs, risks, and responsibilities between the seller and the buyer. Next page Incoterms 2000 EXW EX WORKS FCA FREE CARRIER FOB FREE ON BOARD CPT CARRIAGE PAID TO CFR COST AND FREIGHT DES DELIVERED EX SHIP DEQ DELIVERED EX QUAY DDP DELIVERED DUTY PAID FAS FREE ALONGSIDE SHIP DAF DELIVERED AT FRONTIER DDU DELIVERED DUTY UNPAID CIF COST, INSURANCE AND FREIGHT CIP CARRIAGE AND INSURANCE PAID TO This is page 6/9 |
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