Paper Title
Significance of Inco Terms in Supply Chain Management for Reduction of Procurement Cost

This paper is prepared & submitted with an intention to explain the importance of INCO terms 2010 and also play significance role in reduction/optimization of procurement cost for procurement of various materials such capital expenditure items, consumables ( lube oil, HF HSD, HSD, Chemicals, Liquid nitrogen, gases, calibration gases, PPE items etc ), spares (mechanical, electrical, instrumentation), project items ( static & rotary). Further, this paper shall provide details about buyer & seller obligations for import & export of materials and also cost analysis charts for easy understanding of buyer & seller obligation of risk, cost, document submission, custom clearance, loading & unloading, cargo readiness notices, transport document and inspection of goods under various INCO Terms 2010. Keywords - INCO (International Commercial Terms)