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What are INCOTERMS®?

MCA Oral Exam Questions
Typography

A set of uniform rules which codify the interpretation of trade terms defining the obligations and rights of the seller and buyer in an international sale of goods transaction. 

They enable an otherwise complex basis for a sale contract to be accomplished in three letters, e. g. "FOB". There are eleven INCOTERMS® (2010), some of which are inappropriate for use in contracts involving sea carriage.

 

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