How many types of inco term in Exim?

Question

Accepted Answer

There are 11 types of Inco terms in Exim.

Inco terms are a set of standardized trade terms used in international transactions.
They define the responsibilities of buyers and sellers in terms of shipping, insurance, and customs clearance.
The 11 types of Inco terms are EXW, FCA, FAS, FOB, CFR, CIF, CPT, CIP, DAP, DAT, and DDP.
Each Inco term specifies the point at which the seller's responsibility ends and the buyer's responsibility begins.
For example, FOB (Free on Board) means that the seller is responsible for the goods until they are loaded onto the ship, while CFR (Cost and Freight) means that the seller is responsible for the goods until they are loaded onto the ship and the freight is paid.
Choosing the right Inco term is important for both buyers and sellers, as it affects the cost, risk, and responsibility of the transaction.

Top Welspun Global Brands Officer interview questions & answers