When shipping goods internationally, it is very important to really have a clear knowledge of who claims ownership and responsibility for the products during transit and through arrival at the customs port.
To help with making things more clearly for the consignor and consignee, the International Chamber of Commerce in 1936 created 13 International commercial terms (Incoterms for short) to “define the roles, responsibilities and transportation costs between owner and buyer of goods for the objective of shipping goods.” These Incoterms are acquiesced by governments, freight forwarders, and attorneys around the world which makes it simple for buyers and sellers to understand each other.
While it may not be necessary to perfect all of the Incoterms, it is very important to become familiar and have an knowledge of them. Here are the most common of the 13 terms to begin with with. best shipping agency services in bangladesh
1. FOB Shipping
The absolute most popular shipping method is FOB shipping. FOB stands for ‘Free On Board’ or ‘Freight On Board’ ;.With this shipping, the buyer takes charge of the consignment the moment it leaves the seller’s shipping dock and therefore the buyer is in control of the delivery. As soon as the products leave the seller’s dock, owner should record a sale at that point. At the same time frame, the buyer should record an increase in inventory as the buyer assumes on both risks and rewards for owning the goods. The supplier isn’t liable for any damages during delivery and does not bear any delivery cost.
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