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Incoterms provide clarity on the responsibilities of buyers and sellers from "summary" of Modern Law of International Trade by Ajendra Srivastava
Incoterms play a crucial role in international trade by defining the responsibilities of buyers and sellers. These terms provide clarity and help avoid confusion or disputes between parties. By clearly outlining who is responsible for various aspects of the transaction, Incoterms help ensure smooth and efficient trade operations. For example, terms like FOB (Free on Board) specify that the seller is responsible for delivering the goods to the port of shipment and loading them onto the vessel. On the other hand, terms like CIF (Cost, Insurance, and Freight) indicate that the seller is responsible for not only delivering the goods to the port of destination but also arranging for insurance and paying for freight. Un...
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