From the course: International Marketing Foundations
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Incoterms
- Incoterms are standardized terms and guidelines for global trade. The phrase is an acronym for international commercial terms. They were created and are maintained by the International Chamber of Commerce. These are important because they are used to define whether the seller or buyer will be paying the shipping freight, taxes, duties and other expenses. They also determine who will pay for any insurance expenses and precisely where and when the title to the goods transfers from one party to the other. You need to be aware of these points because they can impact the final delivered costs of your product. There are four main categories of Incoterms and they are easily remembered by thinking of when the shipper is incurring costs and carrying the shipping risks. The E category relates to those terms where the shipper stops incurring delivery expenses and bearing the damage risk at the time of departure from their plant.…
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