What are INCOTERMS?
International Commercial Terms.
Incoterms have been managed by the International Chamber of Commerce (ICC) (iccwbo.org) since 1936. They are reviewed every 10 years.
The Incoterms® rules define the important responsibilities of buyers and sellers for the delivery of goods under sales contracts. They help determine how costs and risks are allocated between the parties.
Sales TERMS have significant consequences in terms of responsibilities, obligations and costs for the seller and the buyer: organisation of transport services, payment of transport costs, organisation of insurance, etc. Incoterms® provides 11 solutions, 11 solutions for TERMS in international trade.