Terms of sale

This expression refers to the price quotation for a specific product. It states the price for the product as a specified delivery location, sets the time of shipment and specifies payment terms. The responsibilities of the buyer and the seller should be spelled out as they relate to what is and what is not included in the price quotation and when the ownership of goods passes from the seller to the buyer. See general conditions of international sale; Incoterms.

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