The most important word in Incoterms
is "delivery," which, in this instance, establishes where the seller turns the responsibility for the goods over to the buyer.
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.
define the responsibilities of buyer and seller for the delivery of goods under sales contracts.
However, while negotiating the terms and conditions of the sales purchase agreement with the PSO, Saudi Aramco insisted that the procurement should be based on the cost, insurance and freight (CFR/CIF)) terms in line with the International Chamber of Commerce's Incoterms
Logistics = INCOTERMS
. There are 11 different INCOTERMS
that can be used when shipping physical goods.
THE International Chamber of Commerce (ICC) is preparing for the publication of Incoterms
2020, an update of the renowned regulations that define the responsibilities of buyers and sellers operating in the international trade system.
The seminar, which was sponsored by QNB and supported by Qatar Chamber, touched on a comprehensive overview of pressing issues, including the best practices of letters of credit and letters of guarantees, Incoterms
2020, and the status on the demand guarantee standard banking practices.