Many of us get confused when we see 3 letter abbreviations of shipping terms. CIF & FOB are the most common, but there are other shipping terms that, in special cases, will be used depending on the buyer and seller. Below is a list of incoterms and what they mean. I’ve also attached 2 visual cheat sheets below that’ll give you an idea of the release of liability from one party to another. They are essentially the same, but visually can help you comprehend the terms differently. INCOTERMS INCOTERMS — International Commercial Terms — are three-letter trade terms developed by International Chamber of Commerce and widely used in international and domestic contracts for the sale of goods. They’re accepted by governments and shippers worldwide, and are used to prevent uncertainty or misunderstandings. INCOTERMS specify the rights and obligations of each of the parties that enter into a contract for the delivery of goods sold. These eleven terms specify how transaction costs and responsibilities are divided between buyer and seller. Revised INCOTERMS® took effect on January 1, 2011. The number of terms has been reduced from thirteen to eleven: Several terms have been eliminated Delivered at Place (DAP), Delivered at Terminal (DAT), and Delivered Duty Paid (DDP) have been added. 1. Terms For Any Transport Mode Each of these seven terms must specify the port or destination. CIP—Carriage and Insurance...Read More
Author: James Solis
Last week I scoured the internet in hopes of finding a local Thailand freight forwarder who spoke English. Surprisingly, there wasn’t as many as I had imagined. Perhaps SEO isn’t a thing in Thailand or most freight forwarders don’t pay too much attention to their online presence. This is conveyed by the number outdated sites landscaped across google like forgotten landmines in previous wars. Fortunately, I was able to find Luc, a driven and outspoken French individual who has grown his business substantially in the past two years. I messaged a couple of sites, but Luc was the only individual who had responded and only within a few hours of submission. Luc is a straight shooter who seems to have his eye focused on helping other foreigners import and export containers within Thailand. That seems to be his niche. Luc is a passable English speaking logistics professional who prides himself on the quality of his own services. He does have a French accent, but as you may guess, many foreigners would choose him precisely for his English, cultural understanding of Thailand, and his no-bullshit approach to getting the job done. Luc had provided me with some invaluable advice that I wish to share. In fact, I sent him a questionnaire that may help get straight to the point. Luc was not able to set up an audio interview at the time, so we spoke...Read More
Vadim Fiddle Exporting American Branded Goods facebook Follow LinkedIn Follow Podcast Summary In this podcast, Vadim Fiddle talks about his experiences in business prior to getting involved in international trade. He than speaks about how he saw an opportunity in trade and how he had to grind to make things happen. Vadim also shares a wealth of knowledge regarding business philosophy and business models. You must do business with people who share the same philosophy as you I don't measure success by the amount of money I make, but by the number of lives I help...Read More
I had made a few trips out of the country (USA) when I realized that the only reason I came back to the states was because I ran out of money. It was then when I decided that I have to do something in order to keep traveling. There are a number of ways that people make money without a 9-5. At first, I was looking into ecommerce (an online business) because of the flexibility I would have and I knew I would be able to take my laptop with me and work wherever I went. I have read much about...Read More
Currently involved with ecommerce n the midst of transitioning to International Importing & Exporting. This site was intended to help others to learn about international business, ecommerce, and business hacks!