Nautical Term: EXW
Definition of EXW
Ex Works, also known as EXW, is an Incoterms rule that defines the responsibilities of both the buyer and the seller when a goods transport is concerned. Under EXW terms, the seller makes the goods available at their own premises, and the buyer is responsible for picking up the goods and arranging for any additional transportation or insurance.
Here’s a brief example of how EXW might be used in a single paragraph:
The customer placed an order for a large consignment of industrial parts. In agreement with the terms of the contract, the sale was conducted under EXW Incoterms. The seller made the goods available at their own premises, and the buyer was responsible for picking up the goods and arranging for any additional transportation or insurance.
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