INCOTERMS are set of trade term and define the obligations and responsibilities of a commercial contract between a buyer and a seller. These terms play an important role in defining who will pay for freight and other related costs, where responsibility will shift, whether to get cargo insurance, who will be responsible for import/export taxes, and also have an impact on the price of the goods to be delivered to the sender.
Incoterms has been implemented since 1936, and it is important to indicate in the contract which version of Incoterm is used. Example: FOB Qingdao, China Incoterms 2020 OR FOB Qingdao, China Incoterms 2010 etc.
Incoterms are divided into four main categories: E, F, C, D.
Category E applies only to EXW terms. Category F includes terms such as FCA, FAS, and FOB. C category applies CFR, CIF, CPT and CIP conditions. Category D includes terms DAT, DAP and DDP.
It is also divided into two categories: normal (used for all types of transportation) and special (used for sea transportation). Normal: EXW, FCA, CPT, CIP, DAP, DPU, DDP. Special: CFR, FOB, FAS, CIF
If you want more information about INCOTERMS, please contact our specialist.
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