When Does Ownership of Goods Transfer Under Different Trade Terms?
Key words: Customs, Seizing or detaining commodities, tariff, chip, smuggling, cargo rights As someone involved in international trade, you’ve likely heard of trade terms like FOB, CIF, EXW, etc. These terms indicate the composition of the transaction price and the conditions of delivery. They are specialized terms used to determine the division of risk, responsibility, and costs between buyer and seller. You might wonder, if trade terms are agreed upon, when does the ownership of goods transfer from the […]