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Each INCOTERM is a three
letter acronym related to where the seller's responsibility
ends. They should be written into the purchasing or shipping
contracts. Some incoterms require the changeover point to
be named. As well as buyer and sellers there are "carriers".
They are the people who have a contract to transport the goods
by land, sea, air or a combination of modes. A seller will
be given a bill of lading, way bill or carrier's receipt,
that document can be used to prove that the goods have been
taken on by the carrier.
There are four groups of INCOTERMS
- "E",
"F", "C"
& "D"
See the menu for full descriptions.
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