Incoterms(R) in Action

Everyone trusts three letters to settle the deal. FOB. DAP. DDP. The buyer and seller shake on a term, drop it into the purchase order, and assume the hard questions are answered. They are not. The three letters tell you almost nothing about who actually files the export declaration, who eats the demurrage when the box sits at the port, or whose money is on the water when the vessel goes down.Inco...