Inco Terms for movement of goods is revised as Incoterms 2020. The importers and exporters are suggested to use the latest version. Click here to read the contents of Inco Terms 2020.
The information provided here is part of Online export import training guide
If your seller terms of delivery is on DDU terms, the selling cost of goods includes the total expenses up to the door of buyer without taxes or duty. So you have to find the total FOB expenses, insurance cost, freight, customs clearance cost at port of discharges and door delivery rates. I have already explained in my article –‘ Basic tips to exporter while contracting terms of delivery on FOB basis’, and all you need to find is destination delivery charges and insurance cost. With regard to insurance, you can approach any local insurance company to get the cost. In order to obtain
costing of destination delivery charges, you can contact local freight forwarders and provide them the details of location of buyer and your details of goods to be delivered. They will in turn contact their overseas counterpart and provide you the total delivery expenses inclusive of customs clearance at port of discharge, port authority charges at destination and transportation charges. You can choose best price, if you send your enquiries to two or three freight forwarders. You can obtain the duty or taxes of importing country through the local freight forwarder, if your terms are on DDP basis. Do not always look in to the money part, but obtain the reputation of service providers also, as you are not supposed to fall in to a worst service provider. Satisfaction of your buyer plays a vital role to have a good business relationship.
Inco Terms for movement of goods is revised as Incoterms 2020. The importers and exporters are suggested to use the latest version. Click here to read the contents of Inco Terms 2020.
Detailed articles about Inco Terms of Delivery under export and import of International business have been mentioned in separate category – INCO TERMS – in this web site. You can click here to read.
The above information is a part of Import Export course online
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