Posted: 2017-10-22 22:59
Contracts involving international transportation often contain abbreviated trade terms that describe matters such as the time and place of delivery, payment, when the risk of loss shifts from the seller to the buyer and who pays the costs of freight and insurance. The most commonly known trade terms are called Incoterms , published by the International Chamber of Commerce (ICC). These are often identical in form to domestic terms (such as the American Uniform Commercial Code), but have different meanings. As a result, parties to a contract must expressly indicate the governing law of their terms.
Each Incoterm specifies the parties responsible for goods in transit, insurance coverage and freight charges. The contracts also denote the point at which a seller's obligation is complete and the buyer assumes responsibility. This transfer of responsibility and liability is known as the delivery , even though the goods may still be in transit. As a point of comparison, below we have outlined the distinctions between CIF and several similar Incoterms:
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7 Maximum combined length and girth (L + 7xW + 7xH) 855 cm
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9 L+B+H=95 cm (no side longer than 65 cm)
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