INCOTERMS

Incoterms, or International Commercial Terms, are a set of international rules that are used to clarify the obligations of buyers and sellers in the international trade of goods. These rules help to ensure that there is a clear understanding between the parties involved in a trade about who is responsible for the various costs and risks associated with the transportation and delivery of the goods. Incoterms are published by the International Chamber of Commerce (ICC) and are widely used in international trade contracts. There are 11 different Incoterms, each of which covers a different aspect of the trade transaction, including who is responsible for paying the transportation costs, who is responsible for insuring the goods, and who is responsible for handling customs formalities. Incoterms are an important tool for reducing misunderstandings and disputes between buyers and sellers in international trade.

Incoterms are a set of international rules that define the responsibilities of buyers and sellers in international trade transactions. There are 11 different Incoterms, each of which specifies the obligations, costs, and risks of the buyer and seller in relation to the transportation and delivery of goods.

There are 11 different Incoterms, which are as follows:

EXW (Ex Works)

FCA (Free Carrier)

FAS (Free Alongside Ship)

FOB (Free On Board)

CFR (Cost and Freight)

CIF (Cost, Insurance, and Freight)

CPT (Carriage Paid To)

CIP (Carriage and Insurance Paid To)

DAT (Delivered At Terminal)

DAP (Delivered At Place)

DDP (Delivered Duty Paid)