INCOTERM

For enterprise terminology to be productive, phrases should signify the same thing all through the industry. That is why the worldwide sleeping room of Commerce conceived "INCOTERMS" in 1936. INCOTERMS are conceived to create a connection between distinct members of the industry by portraying as a consistent language they can use. Each INCOTERM refers to a type of agreement for the purchase and shipping of goods internationally (www.iccwbo.org).

1. In the first scenario, the Incoterm of Ex-Works applies, according to which, the transaction, goods are basically made available for pickup at the shipper/seller's factory or warehouse and "delivery" is accomplished when ...