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Incoterms of international business

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INCOTERMS is very important those who doing business in internationally. Incoterms were first developed by ICC (International Chamber of Commerce) in Paris France. Incoterms was first developed in 1939. It defines the trade contract, responsibilities and liabilities between buyer and seller. It is invaluable and cost saving tool. The importer and exporter need not go under lengthy negotiation about a condition of each transaction after that revised version published in 2000 and 2002.

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Incoterms of international business

  1. 1. Incoterms of International Business IN – International Co – Commercial Terms – Terminology INCOTERMS is very important those who doing business in internationally. Incoterms were first developed by ICC (International Chamber of Commerce) in Paris France. Incoterms was first developed in 1939. It defines the trade contract, responsibilities and liabilities between buyer and seller. It is invaluable and cost saving tool. The importer and exporter need not go under lengthy negotiation about a condition of each transaction after that revised version published in 2000 and 2002. Terms of International Trade. 1. FOB – Free on Board 2. CFR – Cost and Freight 3. C&F – Clearing and Forwarding 4. CIF – Cost Insurance and Freight 5. CM – Cost of Manufacturing 6. CMT – Cost of Manufacturing and Trim 7. FCL – Full Container Load. 8. LCL – Less Container Load. 9. DAT – Delivery and Terminal. 10. DAP – Delivery and Port. 11. CFS – Container Freight Station. 12. FOA – Free on Air 13. DDU – Delivery Duty Unpaid. 14. POD – Port of Discharge. 15. POD – Proof of Delivery. 16. POL – Port of Landing. 17. POL – Port of Loading. 18. ETA – Estimate Time of Arrival. 19. ETD – Estimate Time of Departure. 20. GSP – Generalized System of Preferences. 21. MAWB – Master Air Way Bill. 22. HAWB – House Air Way Bill. 23. FFU – Forty Fit Equivalent 24. TFU – Twenty Fit Equivalent 25. PC – Pont Cash. 26. CO – Country of Origin 27. GOH – Garments on Hanger.
  2. 2. 28. FPC – Flat Pack Container. 29. CPT – Carriage Paid to. 30. CY – Container Yard. 31. CBM – Cubic Metter. 32. NVOCC – Non Vassal Operating Common Carrier. 33. DDP – Delivery Duty Paid.

INCOTERMS is very important those who doing business in internationally. Incoterms were first developed by ICC (International Chamber of Commerce) in Paris France. Incoterms was first developed in 1939. It defines the trade contract, responsibilities and liabilities between buyer and seller. It is invaluable and cost saving tool. The importer and exporter need not go under lengthy negotiation about a condition of each transaction after that revised version published in 2000 and 2002.

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