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Project Procurement: A Real-World Guide for Procurement Skills by Ajay Bhargove

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CHAPTER

11

Incoterms®

What does Incoterms® stand for?

The word Incoterms® is an abbreviation for International Commercial Terms; these provide a common set of rules used for defining the responsibilities of sellers and buyers in the delivery of goods under sales contracts.

These rules were first published in 1936 and are being updated by the International Chamber of Commerce (ICC) in Paris regularly. Incoterms® are good for about 10 years. The frequency is not fixed, but this has been true historically. They are revised based on dynamism in the international trade practice. If the changes in international trade become very frequent, Incoterms® are revised to match international trade practices.

Incoterms® rules:

This is a set of three-letter ...

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