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The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. [1] Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various ...
The two terms have a specific meaning in commercial law and cannot be altered. But the FOB terms do not need to be used, and often are not. In this case the specific terms of the agreement can vary widely, in particular which party, buyer or seller, pays for the loading costs and shipment costs, and/or where responsibility for the goods is ...
Standard Trading Conditions (STC) are standardized terms imposed by some countries for accepting cargo by shipping lines, airlines and logistics services providers like freight forwarders and customs agents. They are usually printed as the fine print behind the shipping documents like bill of lading, air way bill, or consignment note.
Less-than-truckload shipping or less than load (LTL) is the transportation of an amount of freight sized between individual parcels and full truckloads. Parcel carriers handle small packages and freight that can be broken down into units less than approximately 150 pounds (68 kg). Full truckload carriers move entire semi-trailers. Semi-trailers ...
UCC's definition used to cover the cost of the shipping (Free On Board - Seller pays freight to the ship's rail) AND transfer of title and liability (Seller transfers title and risk at the ship's rail). Incoterms only applies to freight costs and liability leaving title to be defined in the acceptance portion of the contract.
The Dutch word "lading" has exactly the same meaning (freight, cargo, an amount of transportable goods) as it has in the English "bill of lading", but is not restricted to shipping. [17] Under English law, the Carriage of Goods by Sea Act 1992 provides that the term "bill of lading" includes a "received-for-shipment" bill of lading issued by ...
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Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. [1] The term shipping originally referred to transport by sea but in American English , it has been extended to refer to transport by land or air (International English: "carriage") as well.