Ownership of goods – Does Inco terms play any role?
The Inco terms explains about movement of goods from one place to another. Inco terms designed by ICC elaborates ; who does what as between seller and buyer, who organises carriage or insurance of the goods or who obtains shipping documents and export or import licences, where and when the seller “delivers” the goods, in other words where risk transfers from seller to buyer; which party is responsible for which costs, for example transport, packaging, loading or unloading costs, and checking or security-related costs.
In short, Inco terms do not talk about ownership of goods. Inco terms are rules on movement of goods from one place to another designed by International Chamber of commerce with latest version as Incoterms 2020.
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