Definition
International commercial terms
International commercial terms (Incoterms) are rules and standards for commercial transactions published by the International Chamber of Commerce (ICC).
Used worldwide in contracts for international and domestic sales, Incoterms help businesses avoid misunderstandings by clarifying the tasks, costs and risks involved in importing, exporting and transporting goods. For example, they define the responsibilities of both buyers and sellers as related to loading, delivery, insurance, documentation, tariff payments and more.
The 2010 edition of the Incoterms includes 11 internationally recognized rules and standards. They can be found on the ICC website.