What is incoterms and how it comes
Hi,
What are incoterms ( no abbrivation pl)?
How the incoterms comes from? I mean is it taking from sold to pary , ship to party, bill to party or payer?
Thanks in advance
Hi,
INCOTERMS
The official rules of the International Chamber of Commerce (ICC) regarding how to define trade terms.
The ICC in Paris developed the INternational COmmercial TERMS (INCOTERMS) as a uniform set of rules that are used to help define costs, risks and obligations of buyers and sellers in international trade.
The abbreviations for Incoterms 2000 include the following:
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
DAF: Delivered at Frontier
DES: Delivered Ex Ship
DEQ: Delivered Ex Quay
DDU: Delivered Duty Unpaid
DDP: Delivered Duty Paid
Significance
When you want to club multiple deliveries to make one invoice at that time INCOTERMS is one of the criteria that should be same for all the deliveries.
FREE TEXT
Sometimes the client wants to enter some information for which there is no field where the data can be stored. For eg:
FREIGHT - To your account
INSURANCE - To our account
BANK CHARGES - To our account
SPECIAL INSTRUCTIONS -
SHIPPING INSTRUCTION - By road to main warehose.
Reward points if useful
Regards,
Amrish Purohit
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