Incoterms are the officialInternational Chamber of Commerce (ICC) rules for the explanation of trade terms. Incoterms are adhered to by all major trading nations of the world, and it is the authoritative text for determining how costs and risks are allocated to the parties conducting international transactions. They facilitate the conduct of international business by defining the responsibilities of the involved participants.
- DDP puts the maximum risk and responsibility on the seller. It is the only one of the Incoterms that requires the seller to take responsibility for import clearance and payment.
- The seller bears all the costs and risks involved in bringing the goods to the place of destination.
- The seller is obliged to clear the goods for both export and import, to pay duties for both export and import, and to execute all customs formalities.
- Sellers may not understand the complex and bureaucratic import clearance procedures that exist in some countries and make mistakes or miscalculations that affect their bottom line; therefore, it may be best left to the buyer who has local knowledge and understanding. Keep this in mind before choosing DDP.
BRIEF
INTRODUCTION
Cnbearing
is the No.1 bearing inquiry system and information service in
China, dedicated to helping all bearing users and sellers throughout
the world.
Cnbearing is supported by China National Bearing Industry Association,
whose operation online is charged by China Bearing Unisun Tech.
Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since
2000, over 3,000 companies have been registered and enjoyed
the company' s complete skillful service, which ranking many
aspects in bearing industry at home and abroad with the most
authority practical devices in China.