INCOTERM

BASIC LEGAL AND REGULATORY ISSUES

It is an abbreviation for International Commercial Terms. They are contract clauses promoted by the International Chamber of Commerce and accepted internationally. They expressed who is responsible for what in terms of responsibility, insurance, shipping, payment and so on. Some examples of Incoterms are: DAT (Delivered At Terminal); CIF (Cost, Insurance, Freight), FOB (Free On Board); CPT (Carriage Paid To).

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