Financial Terms Glossary

Incoterms

Formal

The name for a family of internationally recognised trading terms, that allows pricing/delivery/other contractual obligations to be standardised, and have the same interpretation throughout the world. Eg 'CIF London' means Carriage, Insurance, and Freight paid by supplier to London destination of customer.

Informal

You hit the big time - and are asked to complete a customer visit to close a huge deal. Your customer operates in 50 countries worldwide. He asks you to quote a price that is CIF, FOB, or other term. Panic - you don't know what these mean. These terms govern shipping, insurance, and delivery costs that are special conditions attached to orders. Relax, these are all listed and defined in the International Trading Glossary42.

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