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                          DIFFERENT INCOTERMS IN SPECIFIC COUNTRIES Now we all have a basic idea of what incoterms are and how they help in the import and export of goods. Incoterms however do have exceptions. For instance, US is the only country that accepts a customs bond. A customs bond is charged by the US customs department and protects the US government in case the importer has not paid any penalties or taxes. If such a case comes up then the goods are withheld by the US customs department. Also when exporting goods from India, a withholding tax is to be paid. If the goods which are being exported is mentioned in the Second Schedule of Export Tariff, then no taxes are to be paid otherwise one should pay the withholding tax to get a clearance to export the goods. While we have discussed India and US briefly there is also a third country which has specific Incoterms relating to trade. The country is UK. T...

                          WHEN SHOULD INCOTERMS COME IN PLAY Now as we have discussed and learnt about the incoterms we should now try to learn their usage, so that we can use them at the right time. Buyers and sellers must negotiate the incoterms before the contract is being made. Also the parties involved in international trade must understand that incoterms vary in different countries. They must look specifically for any such changes that might disrupt the flow of goods and cause loss to their deal. However incoterms do not guarantee the ownership of the goods it merely tends to cater to the shipping practices followed in different countries. Buyers and traders must be aware of any such foul play who use incoterms to claim illegitimate ownership of goods. KNOW MORE ABOUT- When Should Incoterms Come In Play READ MORE- Freight Forwarding Online, Buy & Sell Ocean Freight | Tronslog.com