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INCOTERMSInternational Commercial Terms
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As these descriptions show, most Incoterms require a place to be named either as the place of destination or the place of delivery.
In the case of this retailer, most buyers had no idea where the merchandise would be sourced from, how it would be shipped or which Incoterm was most suited to their organization.
Although the Incoterms do not explicitly define the term receive, the District Court concluded that the Incoterms definition of FOB is instructive because both the Haining and the Fujian goods were shipped FOB at ports in Shanghai and Xiamen, China, respectively.
INCOTERMS are international trade terms that are not legally mandatory.
Of the current thirteen incoterms used to define the rules of a transaction, for purposes of this study the FCA term (at named place) will define the basis for driving more consistency and less variance within the supply chain.
One final word about the UCC: In 2004, the American Law Institute (ALI) and the National Conference of Commissioners on Uniform State Laws (NCCUSL) deleted the "shipping and delivery" terms contained in the UCC and replaced them with Incoterms 2000, which await approval by each state's legislature.
If other common trading arrangements, such as the rules published by the International Chamber of Commerce for the interpretation of trade terms (known as Incoterms) are used then the specific Incoterm adopted can replace the particular rules in the CISG relating to passing of risk.
Decisions on incoterms, without the involvement of the transaction tax specialist, could be a financial risk, and failure to use incoterms to help structure tax-efficient international transactions could be an opportunity missed.
In accordance with Incoterms 2000, "CIF Tampa" means that the supplier has delivered the goods when the goods pass the ship's rail at the port of shipment.
Developed in 1936 by the International Chamber of Commerce (ICC), Incoterms guide the buyer and seller by allocating transport costs and risks, as well as determining responsibility for insurance and customs.
Incoterms (international commercial terms) are a set of standardized export pricing terms developed by the ICC (International Chamber of Commerce) and endorsed by UNCITRAL (United Nations Commission on International Trade Law).