New developments to Incoterms

What are Incoterms?

Incoterms (short for 'International Commercial Terms') are a series of three letter standard trade terms that were created by the International Chamber of Commerce (ICC) for the interpretation of trade terms in international contracts for the sale of goods.

Incoterms were first published in 1936 and provide internationally accepted definitions and rules of interpretation for most common commercial terms. Incoterms are accepted by governments, legal authorities and practitioners worldwide and their advantage is that when they are used they have an accepted meaning reducing the potential for misunderstanding in international trade. The scope of Incoterms is limited to the rights and obligations of the parties with respect to the delivery of tangible goods sold, and are not concerned with intangibles such as computer software.