on 09-23-2008 5:43 PM
Hi All,
What is incortems in Customer master data ? I couldn't understand after reading help description?
Kindly explain with examples if possible.
Regards
Rakesh
Hello,
Inco-terms: A codification of international rules for the interpretation of the commonly used terms in international trade.
An international commercial term (Incoterm) defines the terms of sale and the passing of risks for import and export of merchandise
Incoterms include the following:
EXW - Ex Works
FCA - Free Carriage and Freight
FAS - Free Alongside Ship
FOB - Free On Board ship
CFR - Cost and Freight
CIF - Cost, Insurance, and Freight
CPT - Carriage Paid To
CIP - Carriage and Insurance Paid To
DAF - Delivered At Frontier
DES - Delivered Ex Ship
DEQ - Delivered Ex Quay
DDU - Delivered Duty Unpaid
DDP - Delivered Duty Paid
Prase
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Some more illustrations to make it clear.
1) CIF : Costs, Insurance & Freight which means all three will be borne by seller.
2) C&F: Costs & Freight which means costs and freight will be borne by seller
3) FOB: Free on board which means insurance and freight will not be borne by seller.
Regards,
GSL.
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Hi,
I have different view regarding incoterms maintained in customer master. The first logic would be it is related with the billing process as it comes under billing tab... then you must have heard of EX-SHWOROOM price related with vehicles.. what does that mean.. it means the price which has been displayed is the showroom prices.. so rest all charges are not included in that price... EX-SHOWROOM is also an incoterm... then another example would be FOB - free on board.. from the name itself you can get the exact idea what it could mean...
Hope I am able to put a valid point out here...
Do let me know..
Hrishi
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Hello Rakesh,
INCOTERMS are the terms established by the International Chamber of Commerce.
Basically this will tell how the goods to be treated and handled between the shiptoparty and shipper at the time of delivery. If goods damage in transit who is liable and all other predefined procedures are maintained.
Regards,
Vamsi
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Hi
INCOTERMS is international chamber of commerce for the goods damaged in Transit
This is self explanatory
Cheers
Raja
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