Warehouse & Logistics Encyclopedia
Your comprehensive guide to warehouse, logistics, and supply chain terminology. Explore over 100+ industry terms with detailed explanations and practical insights.
Incoterms
International commercial terms defining responsibilities of buyers and sellers in global trade.
Definition
Incoterms clarify obligations, costs, and risk transfer points between buyers and sellers during shipment of goods.
Overview
Published by the International Chamber of Commerce (ICC), Incoterms standardize trade practices and reduce disputes in international shipping.
Role
International commercial terms defining responsibilities of buyers and sellers in global trade.
Focus
Published by the International Chamber of Commerce (ICC), Incoterms standardize trade practices and reduce disputes in international shipping.
Example
Using FOB, the seller is responsible for goods until loaded on the ship; the buyer assumes risk during sea transport.
FAQs
Q: Can you give an example of Incoterms?
A: Using FOB, the seller is responsible for goods until loaded on the ship; the buyer assumes risk during sea transport.