What is INCOTERM and why it is important?

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The Incoterms® rules feature abbreviations for terms, like FOB (“Free on Board”), DAP (“Delivered at Place”) EXW (“Ex Works”), CIP (“Carriage and Insurance Paid To”), which all have very precise meanings for the sale of goods around the world.

More information on this can be found in the ICC website.

In short who bears the responsibility/cost for the shipment of goods following image shows a summary. INCOTERMS

In marinesparesbd.com we use FOB Chittagong for most of shipments.

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