Name Place Must Be Defined

                                                      Name Place Must Be Defined

An important thing that buyers and sellers must have in their mind while framing the contact is to define the named place. The named place must be correctly defined in the contract. The correct format of defining a name place in the contract is that the name place must follow the three letter abbreviation of the incoterm. For instance DDP Shenzen Yantian DDT. Here DDT and DDP are the incoterms and Shenzen Yantian is the named place. Also be very accurate while defining your named location. As many of the larger cities have several terminals and those terminals have several drop-off points this could lead to confusion. So be precise while defining your location. Use a port code guide if you are not sure of the accuracy of the location.

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