Archive
Trade Terms
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Who is the importer of record, and does the Incoterms rule decide it?
The importer of record is the party established in the Union that declares the goods to customs, is liable for the customs…
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RFQ (Request for Quotation)
An RFQ, or Request for Quotation, is the buyer’s formal invitation to suppliers to quote price and conditions for a specified product,…
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Sea Freight
Sea freight is the transport of goods in containers by ocean vessels and the dominant mode for intercontinental food trade because of…
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Transit Time
Transit time is the duration of transport from the point of loading to the point of delivery, excluding order preparation. It is…
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DDP (Delivered Duty Paid)
DDP is an Incoterms 2020 rule under which the seller bears all costs and risks of delivering the goods to the named…
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Demurrage
Demurrage is a charge levied by the shipping line or terminal when a full container stays at the port beyond the allowed…
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Detention
Detention is a charge for keeping the carrier’s container outside the port or terminal beyond the allowed free time, for example when…
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EUR.1 Movement Certificate
The EUR.1 is a movement certificate used to claim preferential import duties under free-trade agreements. For trade between Ukraine and the EU…
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EXW (Ex Works)
EXW is an Incoterms 2020 rule under which the seller’s only obligation is to make the goods available at its own premises.…
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FOB (Free On Board)
FOB is an Incoterms 2020 rule for sea transport under which the seller delivers the goods on board the vessel nominated by…