UNCW MKT 442 - INCOTERMS 2000 (25 pages)

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INCOTERMS 2000



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INCOTERMS 2000

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Lecture Notes


Pages:
25
School:
University of North Carolina Wilmington
Course:
Mkt 442 - International Marketing

Unformatted text preview:

INCOTERMS 2000 ICC International Chamber of Commerce Official Rules for the Interpretation of Trade terms Purpose is to provide a set of international rules for the interpretation of the most commonly used trade terms 10 categories describing where risks lie between seller and buyer International Commercial Terms INCOTERMS Incoterms Purpose and Scope Pricing terms shipping terms sales terms Apply to international trade Define the rights and obligation of the parties to the contract of sale with respect to the delivery of goods sold Incoterms Purpose and Scope Does not include intangibles Do not provide for all the duties which parties may include in a sales contract Does not include breach of contract Incoterms Who needs to know Importers Exporters Insurers Bankers Incoterms 2000 The E term is the term in which the seller s obligation is at its minimum EXW EX WORKS named place Seller delivers when goods placed at disposal of buyer Minimum obligation for the seller Incoterms 2000 The F terms require the seller to deliver goods for carriage as instructed by the buyer FCA FAS FOB FCA FREE CARRIER named place Seller delivers when goods cleared for export to the carrier nominated by the buyer at a named place Term may be used irrespective of the mode of transport Seller obligated to load goods on arriving vehicle if it arrives at the seller s premises Seller not obliged to unload goods from his vehicle FAS FREE ALONGSIDE SHIP named port of shipment Seller delivers when goods cleared for export are placed alongside the vessel The buyer bears all costs and risks of loss or damage to the goods from that moment Terms can be used for sea or inland waterway transport only Seller obliged to clear goods for export FOB FREE ON BOARD named port of shipment Seller delivers when goods cleared for export pass the ship s rail at the named port of shipment The buyer bears all costs and risks of loss or damage to the goods from that point Term can be used for sea or inland waterway



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