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“INCOTERMS”
stands for “International Commercial Terms” that have been
widely used, for many years, in sales contract (whether domestic or
international) between traders all over the world.
In order to overcome difficulties and disputes arising from different
interpretations of these terms, the International Chamber of Commerce (ICC) as a
non-governmental organization comprising from trade unions and commercial
interests’ groups, first published in 1936 a set of international rules for
interpretation of trade terms, known as “Incoterms 1936”. There have been
amendments and additions to it in 1953, 1967, 1976, 1980, 1990 and 2000.
The scope of Incoterms is
limited to matters relating to the rights and obligations of the parties to a
sales contract, with respect to the delivery of the (tangible) goods sold.
“Incoterms 2000”, the latest
version, includes 13 terms beginning with the “EXW” bearing the least obligation
on the seller to the most in “DDP”.
It is also applicable in the
Iranian courts, either as the applicable rules designated by the parties, or as
the commercial practice/custom.
For further information on
“Incoterms” and consultation please
contact us.
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