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Incoterms (International Commercial Terms) define the responsibilities of buyers and sellers in international trade. Understanding them is crucial for avoiding disputes and ensuring smooth logistics.
Commonly Used Incoterms:
- EXW (Ex Works): Buyer is responsible for all transport and customs costs from seller’s premises.
- FOB (Free on Board): Seller delivers goods to the port of departure; buyer covers ocean freight and beyond.
- CIF (Cost, Insurance, Freight): Seller pays for cost, insurance, and freight to port of destination; buyer handles local charges.
- DDP (Delivered Duty Paid): Seller takes full responsibility up to the buyer’s doorstep, including duties and taxes.
Practical Tip: Choosing the right Incoterm can save significant costs and prevent misunderstandings.
