Incoterm” stands for International Commercial Terms, and they are a set of standardized three-letter trade terms created by the International Chamber of Commerce (ICC). #odootutorials
Incoterms are widely used in international commercial transactions to define the responsibilities and obligations of buyers and sellers regarding the delivery of goods, the transfer of risk, and the payment of freight and other charges. #odoo17
Here are some common Incoterms:
EXW (Ex Works): The seller makes the goods available for pick-up at their premises, and the buyer is responsible for all costs and risks associated with transporting the goods from the seller’s location to the final destination.
FOB (Free On Board): The seller is responsible for the costs and risks associated with delivering the goods to the named port of shipment. Once the goods are on board the vessel, the risk transfers to the buyer.
CIF (Cost, Insurance, and Freight): The seller is responsible for the costs and freight up to the named port of destination. However, the risk is transferred to the buyer once the goods are on board the vessel.
DDP (Delivered Duty Paid): The seller is responsible for delivering the goods to the named destination, paying all duties and taxes, and bearing all the risks until the goods are delivered to the buyer.
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