Incoterms

Incoterms (International Commercial Terms) are internationally recognized rules that define the responsibilities, risks, and costs between buyers and sellers in trade transactions. The International Chamber of Commerce (ICC) first established these rules in 1936, aiming to create a common standard for international trade and to prevent disputes arising from different legal interpretations of trade terms across countries. The ICC published the latest version of Incoterms (Incoterms ® 2020) in September 2019, effective from January 1, 2020.