Answer to Question #299553 in Management for sumit

Question

Explain INCO Terms? Can Inco terms help organization to save money? Being a

startup in Imports transaction, what are the terms you as Procurement Head for your

organization will prefer to avoid unnecessary risks?

Answer 1

Inco terms( international commercial terms) are a series of predefined commercial terms published relating to international commercial law by the international chamber of commerce.

Yes they can help an organization save money.

Incoterms group E- Exworks responsibility is on the buyer.

Incoterms group F- transportation of goods is a responsibility of the buyer.

Incoterms group C- responsibility of cost to the destination port is on the seller.

Incoterms group D- this refers to the destination of the goods.