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INCOTERMS clearly outline the division of responsibilities between a seller and buyer.

Summary of Point of attachment and termination of insurance under Open Policies based on Terms of Sale.

depending upon the actual term used for each shipment the seller or buyer bears responsibility for loss or damage to the goods at some point during transit.

The method of payment agreed upon by the seller and buyer determines the extent of their financial interest and indicates whether or not insurance should be obtained.

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