Incoterms rules or International Commercial terms
are a series of pre-defined commercial terms
published by the International Chamber of Commerce (ICC)
widely used in international commercial
transactions. A series of three-letter trade terms
related to common sales practices, the Incoterms
rules are intended primarily to clearly communicate
the tasks, costs and risks associated with the
transportation and delivery of goods. The Incoterms
rules are accepted by governments, legal authorities
and practitioners worldwide for the interpretation
of most commonly used terms in international trade.
They are intended to reduce or remove altogether
uncertainties arising from different interpretation
of the rules in different countries. 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.
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