Incoterms

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Incoterms

(ˈɪnkəʊˌtɜːmz)
n
(Commerce) a glossary of terms used in international commerce and trade, published by the International Chamber of Commerce
References in periodicals archive ?
For example, if the Incoterm CIF, CFR, CIP, or CPT is used, delivery occurs when goods are handed over to the contracted carrier at an agreed-upon place and not when the goods reach the named destination.
In the case of this retailer, most buyers had no idea where the merchandise would be sourced from, how it would be shipped or which Incoterm was most suited to their organization.
The District Court also observed that the CISG incorporates common trade practices, known as Incoterms (International Commercial Terms), to fill in any gaps in the law where the CISG is, otherwise silent, such as the meaning of the term received.
One final word about the UCC: In 2004, the American Law Institute (ALI) and the National Conference of Commissioners on Uniform State Laws (NCCUSL) deleted the "shipping and delivery" terms contained in the UCC and replaced them with Incoterms 2000, which await approval by each state's legislature.
Transit times, incoterms, rapid customs clearance, sourcing decisions, pipeline inventory, etc.
The current incoterms in use are found in the publication Incoterms 2000.
Incoterms are a set of standard trade terms meant to provide parties to international contracts for the sale of goods with clear definitions of their respective rights and liabilities with regard to the shipment of goods.
Another Incoterm rule, DDP does speak to duty, and requires the seller to contract for all freight charges and clear the goods for both export and import, meaning all the buyer has to do under DDP is wait for the goods to arrive.
Resellers can choose which INCOTerms and transportation companies to offer.
This article will focus exclusively on one aspect of Incoterm/Payment Terms coordination, the relationship between the "E" Incoterm or "F" Group Incoterms and payment terms under documentary letters of credit.
During the procurement phase of a trade transaction, the TradeCard system allows the buyer and seller to negotiate and agree upon the Incoterm they wish to use for a particular transaction.