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got a random stanford email and almost had a heart attack
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LSDefine
Simple English definitions for legal terms
EXW
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A quick definition of EXW:
Term: EXW
Definition: EXW stands for Ex Works. This means that the seller is responsible for making the goods available at their premises. The buyer is responsible for all transportation costs, insurance, and customs clearance. Essentially, the buyer is responsible for picking up the goods from the seller's location and transporting them to their final destination.
A more thorough explanation:
Term: EXW
Definition: EXW stands for Ex Works. It is an international trade term that means the seller is responsible for making the goods available at their premises. The buyer is responsible for all transportation costs, customs clearance, and any other costs associated with getting the goods from the seller's premises to the final destination.
Example: A company in China sells a product to a company in the United States on an EXW basis. The Chinese company is responsible for making the product available at their factory in China. The American company is responsible for arranging transportation, customs clearance, and any other costs associated with getting the product from the Chinese factory to their warehouse in the United States.
Explanation: The example illustrates how the EXW term works in international trade. The seller is only responsible for making the goods available at their premises, and the buyer is responsible for all other costs associated with getting the goods to their final destination. This can include transportation costs, customs clearance, and any other fees or charges that may be incurred along the way.