Now You Know Incoterms of Apparel Merchandising Business
Saturday, 2 June 2018
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InCoTerms of Apparel Merchandising Business
Muhammad Rahat
Dept. of Knitwear Manufacturing Technology
BGMEA University of Fashion & Technology (BUFT)
Email: smrahatsaif@gmail.com
Muhammad Rahat
Dept. of Knitwear Manufacturing Technology
BGMEA University of Fashion & Technology (BUFT)
Email: smrahatsaif@gmail.com
INCOTERMS is the combination of (IN – International, Co – Commercial, Terms – Terminology). INCOTERMS is very important those who doing garment merchandising business. It is also important for international business. Incoterms were first developed by ICC (International Chamber of Commerce) in Paris France. Incoterms was first developed in 1939. It defines the trade contract, responsibilities and liabilities between buyer and seller. It is invaluable and cost saving tool. The importer and exporter need not go under lengthy negotiation about a condition of each transaction after that revised version published in 2000 and 2002.
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- FOB – Free on Board
- CFR – Cost and Freight
- C&F – Clearing and Forwarding
- CIF – Cost Insurance and Freight
- CM – Cost of Manufacturing
- CMT – Cost of Manufacturing and Trim
- FCL – Full Container Load.
- L/C – Letter of Credit
- LCL – Less Container Load.
- DAT – Delivery and Terminal.
- DAP – Delivery and Port.
- CFS – Container Freight Station.
- FOA – Free on Air
- DDU – Delivery Duty Unpaid.
- POD – Port of Discharge.
- POD – Proof of Delivery.
- POL – Port of Landing.
- POL – Port of Loading.
- ETA – Estimate Time of Arrival.
- ETD – Estimate Time of Departure.
- GSP – Generalized System of Preferences.
- MAWB – Master Air Way Bill.
- HAWB – House Air Way Bill.
- FFU – Forty Fit Equivalent
- TFU – Twenty Fit Equivalent
- PC – Pont Cash.
- CO – Country of Origin
- GOH – Garments on Hanger.
- FPC – Flat Pack Container.
- CPT – Carriage Paid to.
- CY – Container Yard.
- CBM – Cubic Metter.
- NVOCC – Non Vassal Operating Common Carrier.
- DDP – Delivery Duty Paid.