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What are Inco Terms? Explain any one

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Question added by umer farooq , Director Quality and Evaluation , Air Headquarters Islamabad
Date Posted: 2014/08/05
Muhammad Rizwan
by Muhammad Rizwan , Executive Procurement (Technical) , FFCL

Incoterms are the International terms to do trade between countries. One example is "Ex-Works" from ICC's latest version. Ex-Works means Seller shall make goods ready for shipment at the doorstep of factory and buyer shall take it onwards to the destination country and onward to their facility, while bearing all costs & risks. Hope this is clear.

 

Other Incoterms are CFR, CPT, CIF, FCA, FAS, DAP, DAT, etc.

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