24/03/2024
Shipping terms - also known as Incoterms (International Commercial Terms), are globally recognized terms used in international trade to define the responsibilities and obligations of buyers and sellers regarding the delivery of goods. These terms specify:
Responsibility for transportation costs: Who pays for the transportation of the goods from the seller to the buyer.
Transfer of risk: At what point during the transportation process the risk of loss or damage to the goods transfers from the seller to the buyer.
Responsibility for export/import clearance: Who is responsible for handling export/import customs clearance procedures.
Please see the below image for more understanding: