INCOTERMS
Definition
INternational commercial terms. Thirteen terms of sale accepted worldwide in assignment of costs and responsibilities between the buyer and the seller. Proposed, updated, and copyrighted by the International Chamber Of Commerce (ICC), they serve as global standards for uniform interpretation of common contract clauses in international trade. The last revision (1999) is named 'INCOTERMS 2000.' In brief these terms are (1) C&F (Cost And Freight), (2) CIF (Cost, insurance, And Freight), (3) Delivered At Frontier, (4) Delivered Duty Paid, (5) Ex quay, (6) Ex ship, (7) Ex works, (8) FAS (Free Alongside Ship), (9) FOB (Free On Board), (10) FOB Airport, (11) FOR/FOT (Free On Rail/Free On Truck), (12) Free carrier, (13) Free Carriage Paid To and Free Carriage Paid To And insurance.
INCOTERMS is in the Banking, Commerce & Finance, Customs Documentation & Procedures, International Trade & Relations, Purchasing & Procurement and Shipping, Transport, & Travel subjects.
INCOTERMS appears in the definitions of the following terms: letter of credit (L/C), terms of sale, passing of title and International Chamber Of Commerce (ICC)
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