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INCOTERMS® POLICY STATEMENT

PurposeApplicable StandardDefault Trade TermsDomestic Transactions (Nigeria)Continental (Africa) ShipmentsInternational (Outside Nigeria)Risk TransferInsuranceCustoms & Regulatory ComplianceDocumentationConflict of TermsAmendments

Purpose


This Incoterms® Policy applies to all domestic, continental, and international transactions conducted by Nweke Holding Company Ltd and its subsidiaries.

This Policy establishes the framework governing the use of internationally recognized trade terms for the sale and shipment of goods. It clarifies the allocation of:

  • Delivery obligations

  • Risk transfer

  • Transportation responsibilities

  • Insurance requirements

  • Customs clearance duties

Applicable Standard

Unless otherwise agreed in writing, all international shipments shall be governed by Incoterms® 2020, as published by the International Chamber of Commerce.

The specific Incoterm® applicable to a transaction will be clearly stated in:

  • Sales contracts

  • Purchase orders

  • Commercial invoices

  • Proforma invoices

Default Trade Terms

Unless otherwise agreed in writing, the following default terms apply:

Domestic Transactions (Nigeria)

Delivery shall generally be on a Delivered at Place (DAP – Nigeria) or equivalent locally agreed basis, unless otherwise specified in the sales agreement.

Continental (Africa) Shipments

Default term: DAP (Destination Country)

Buyer is responsible for import duties, taxes, and customs clearance unless otherwise agreed.

International (Outside Nigeria)

Default term: EXW (Ex Works – Seller’s Facility) or DAP (Destination Country), depending on product category and commercial arrangement.

The applicable Incoterm® will be expressly stated in each transaction document.

Risk Transfer

Risk of loss or damage transfers from seller to buyer strictly in accordance with the agreed Incoterm®.

The Company shall not be liable for:

  • Delays caused by customs authorities

  • Carrier negligence once risk has transferred

  • Force majeure events

  • Regulatory clearance delays in the destination country

Insurance

  • Under CIF or CIP terms, insurance will be arranged in accordance with Incoterms® 2020 minimum coverage standards.

  • Under EXW, FCA, FOB, or DAP, insurance responsibility shall follow the risk allocation of the agreed term.

Buyers are encouraged to arrange supplementary insurance where necessary.

Customs & Regulatory Compliance

The buyer is responsible for:

  • Import permits

  • Duties and taxes

  • Regulatory approvals in the destination country

Export documentation from Nigeria shall comply with applicable regulations, including those supervised by the Central Bank of Nigeria and relevant trade authorities.

Documentation

Shipping documents include:

  • Commercial Invoice

  • Packing List

  • Bill of Lading / Air Waybill

  • Certificate of Origin (where applicable)

  • Insurance Certificate (if required by term)

Additional documentation may be required depending on product category.

Conflict of Terms

If there is any inconsistency between:

  • This Policy

  • A purchase order

  • A sales contract

The signed contract shall prevail.

Amendments

This Policy may be updated periodically to reflect changes in international trade practices or regulatory requirements.