K12 Techno Services Interview Questions and Answers

Inco terms are international commercial terms that define the responsibilities of buyers and sellers in international trade transactions.

• Inco terms are standardized terms used in international trade to clarify the roles and responsibilities of buyers and sellers.

• They specify who is responsible for the cost of transportation, insurance, and customs duties.

• Examples of common Inco terms include FOB (Free on Board), CIF (Cost, Insurance, and Freight), and EXW (Ex Works).

A Bill of Lading is a legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of goods being carried.

• It serves as a receipt for the goods being shipped.

• It is also a contract of carriage between the shipper and the carrier.

• It can be used as a document of title, allowing the goods to be transferred to another party.

• Examples: Ocean Bill of Lading, Airway Bill, Truck Bill of Lading.