Ex Works - EXW
 |
Definition of 'Ex Works - EXW'A trade term requiring the seller to deliver goods at his or her own place of business. All other transportation costs and risks are assumed by the buyer. |
 |
Investopedia explains 'Ex Works - EXW'Contracts involving international transportation often contain abbreviated trade terms that outline matters such as the time and place of delivery and payment, the time when the risk of loss shifts from the seller to the buyer, and the party who pays the costs of freight and insurance.The most commonly known trade terms are Incoterms, which are published by the International Chamber of Commerce. These are often identical in form to domestic terms, such as the American Uniform Commercial Code, but have different meanings. As a result, parties to a contract must expressly indicate the governing law of their terms. It's important to realize that because this is a legal term, its exact definition is complicated and differs by country. It is suggested that you contact an international trade lawyer before using any trade term. |
Related Definitions
Articles Of Interest
-
What Is International Trade?
Everyone's talking about globalization, so we explain what is it and why some oppose it. -
What Is The World Trade Organization?
The WTO sets the global rules of trade. But what exactly does it do and why do so many oppose it? -
Easy Ways To Cut Rental Costs
If rent payments are crippling your finances, then read on to learn how to save your money. -
What is an alienation clause?
Whether used in reference to insurance policies, mortgages or commercial loans, an alienation clause stipulates that should a purchaser or borrower sell his or her interest to another party, ...
Free Annual Reports