INCOTERMS are the standard terms of trade that define the rights and obligations of the parties involved in trade. It specifies the responsibility of the buyer and the seller by defining the transaction and the cost aspects concerning the transaction and especially related to carriage, custom duties as well as Insurance, etc. However it limits itself to the scope of the liability of costs and definition thereof and does not deal with the ownership or transfer of title of goods.
INCOTERMS are divided into 4 groups namely E, F,C & D.
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