Incoterms have been used in international trade contracts since 1936. These standardized three-letter terms are very useful because they provide an internationally recognized vocabulary for commercial contracts. They inform each party of their respective duties, costs and risks throughout the transport of the merchandise.

Incoterms, however, are not a contract nor will they ever supersede the laws governing the contract. These are only helpful vocabulary for defining the relationship between the Buyer and the Seller. Additionally, while they do define responsibility for the goods during transport, Incoterms do not define where title transfers; nor do they touch on the price payable and transaction currency or credit terms.
 

Group representation – what does it signifies

FAQ

What is project cargo?
Project Cargo is a term used to broadly describe the national or international transportation of large, heavy, high value or a critical (to the project they are intended for) pieces of equipment. Also commonly referred to as Heavy lift, this includes shipments made of various components which need disassembly for shipment and reassembly after delivery.

Project cargo is especially large or bulky cargo that cannot be transported in a container. Examples are parts of cranes or wind power stations, turbines, or ship propellers.

Project cargo or heavy lift are broad terms used to describe the transport of large, heavy, high value or time critical equipment moves. Weights are commonly beyond standard load weights, and dimensions are often too large to fit in a standard container or on conventional transport. These moves come with a host of challenges and complexities rarely encountered when shipping general cargo freight.

What is RoRo?
A term for roll-on roll-off cargo which is driven on and off the vessel. RORO cargo consists of items such as tractors, buses and trucks, or oversized cargo loaded on special flatbed, mafi or lowboy trailers.

What is incoterms?
Standardized terms established by the International Chamber of Commerce (ICC) used in export contracts to designate which party should pay costs such as insurance and transport.

It defines the trade contract responsibilities and liabilities between buyer and seller. It is invaluable and cost-saving tool. The exporter and the importer need not undergo a lengthy negotiation about the conditions of each transaction.

Incoterms by groups