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Industry Education 101
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Understanding Incoterms : “Rules For All Modes Of Transport”
Incoterms: Rules/International Commercial Terms which are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) widely used in International commercial transactions or procurement processes. Using a series of 3 letter trade terms related to common contractual sales practices, intended primarily to clearly communicate the tasks, costs, and liabilities and or risks associated with the transportation and delivery of goods. Incoterms are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade. They are crucially important in reducing or removing altogether uncertainties arising from different interpretation of the rules in different countries. As such they are regularly incorporated into sales contracts worldwide. First published in 1936, the Incoterms rules have been periodically updated, with the eighth version— Incoterms 2010 having been published on January 1, 2011.
"Incoterms" is a registered trademark of the ICC.