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incoterms

Can any one tell me what are inco terms 1 and icoterms2

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  • author's profile photo Former Member
    Former Member
    Posted on Dec 03, 2007 at 05:51 AM

    Hi

    <b>Incoterms </b>

    Commonly-used trading terms that comply with the standards established by the International Chamber of Commerce (ICC).

    The first part defines the terms of liability and the 2nd part describes the shipping pt for which it is applicable.

    for eg. part 1: FOB ; part 2 : Hamburg

    This implies that till hamburg the freight cost won't be charged to the customer.the customer has to bear the freight cost Only from Hamburg to their place.

    Incoterms specify certain internationally recognized procedures that the shipper and the receiving party must follow for the shipping transaction to be successfully completed.

    Example

    If goods are shipped through a port of departure, the appropriate Incoterm might be: FOB ("Free On Board"). You can provide further details (for example, the name of the port) in the secondary Incoterm field: FOB Boston, for example.

    Message was edited by:

    SHESAGIRI.G

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  • Posted on Dec 03, 2007 at 05:55 AM

    Suresh,

    Incoterms (part 1)

    Commonly-used trading terms that comply with the standards established by the International Chamber of Commerce (ICC).

    Part 2-

    Generally location is written in that..

    Like CFR-Mumbai etc..

    Regds

    MM

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