Trade terms

Latest international trade terms accepted are INCOTERMS 2000.
Let see us some of the very famus trade terms:
- Ex Works: Ex-works supply of goods means responsibility of seller for the goods ends outside his works. Purchaser will load the goods in his vehicles and transport it to the plant.
In this case, loading, inland transportation, marine transportation, transit insurance, unloading will be in scope of purchaser.
- FOB: FOB means Free on Board, which means that seller will load the goods to the baord/deck of the ship and responsibility of seller will end there. Marine transportation and marine insurance and further inland transportation to site will be in scope of purchaser.
- CIF: Cost insurance Freight: This term means that scope of seller will be inland transportation in his country, marine transportation and unloading to the purchsers coast. Hence marine transportation, its cost, insurance and freight will be in scope of seller.
- FOR: Free on road: FOR means that complete transportation inclusuding transit insurance will be in scope of seller.