What are Incoterms and how are they used in exporting?
Incoterms is a codification of the terms used worldwide in foreign trade quotations and contracts. They clarify the responsibilities of the buyer and seller in international commerce. Examples of INCOTERMS (IN(ternational) CO(mmercial) TERMS ) are: • EXW (Ex Works) • FCA (Free Carrier) • FAS (Free Alongside Ship) • FOB (Free On Board Vessel) • CFR (Cost & Freight) • CIF (Cost, Insurance & Freight). Incoterms were last revised on July 1, 2000 by the International Chamber of Commerce. They provide a new set of comprehensive rules for export transactions that are more compatible with recent developments in worldwide electronic data exchange (EDI). They accommodate international cargo shipped in containers, multi-modal transport and roll-on/roll-off traffic. If you are or plan to become an active exporter, we recommend that you purchase the publication Incoterms 2000 from the International Chamber of Commerce website. (Source: The Export Institute, Ask the Experts, Category Six.
Incoterms is a codification of the terms used worldwide in foreign trade quotations and contracts. They clarify the responsibilities of the buyer and seller in international commerce. Examples of INCOTERMS (IN(ternational) CO(mmercial) TERMS ) are: • EXW (Ex Works) • FCA (Free Carrier) • FAS (Free Alongside Ship) • FOB (Free On Board Vessel) • CFR (Cost & Freight) • CIF (Cost, Insurance & Freight). Incoterms were last revised on July 1, 2000 by the International Chamber of Commerce. They provide a new set of comprehensive rules for export transactions that are more compatible with recent developments in worldwide electronic data exchange (EDI). They accommodate international cargo shipped in containers, multi-modal transport and roll-on/roll-off traffic. If you are or plan to become an active exporter, we recommend that you purchase the publication Incoterms 2000 from the International Chamber of Commerce website.
