Discuss INCO terms. (500 words)

- Start by explaining what INCO terms (International Commercial Terms) are - the standardized trade terms published by the International Chamber of Commerce which are widely used in the international commercial transactions/contracts to reduce the ambiguity in the communication that facilitates the parties be aware of the tasks, costs and risks associated with the transportation and delivery of goods from sellers to buyers.

- Tell the audience then bring in the four main subcategories of INCO terms - E, F, C and D terms. Suggest, in detail, what each category stands for, sellers/buyer responsibility and their costs.

- Discuss and illustrate several INCO terms such FOB, EXW, CIF, CPT, CIP, and DAP. Each term will outline the responsibilities of sellers and buyers on transport, insurance, import/export clearance, and so forth.

- In this part, we are going to talk about why INCO terms are important in international trade and some of the pros these terms provide for example, it helps to clarify duties and responsibilities of the buyer and seller, it determines freight and insurance cost, at which day and place the risk will be transferred from a seller to a buyer.

- Put an end to the paper by emphasizing the significance of the well-grounded knowledge of Incoterms for the proper functioning of international transactions and trade relationships.