Incoterms
Terms of Trade
In order to provide a uniform way of determining what the seller’s and buyer’s responsibilities are (such as arranging and paying for transport, arranging and paying for insurance, clearing the goods for export and subsequent import), the International Chamber of Commerce ICC has devised a set terms of trade called incoterms that are internationally accepted.
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It is important to be familiar with these prior to quoting your price or placing an order, as they will dictate who pays for what, and it can become an expensive exercise if you get it wrong.
More in-depth information on the obligations of each party under each of the incoterms is available from the International Chamber of Commerce Incoterms publication .
See information on obtaining:
Incoterms or International Commercial terms are a series of international sales terms, developed by the Chamber of Commerce and accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade. This reduces or removes altogether uncertainties arising from different interpretation of such terms in different countries. Scope of this is limited to matters relating to rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold.
They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. The first version was introduced in 1936.
Some regular used terms:
SEE Incoterms explained
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