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ARTICLE · 19 JUNE 2018

Incoterms 2010: A Quick Guide

The first edition of rules was published in 1923 by the ICC

TurkeyCorporate/Commercial Law

International Commercial Terms ("Incoterms") are three letter abbreviated commercial terms pre-defined by the International Chamber of Commerce, which are used mostly in international commercial transactions and procurement processes. These rules are much help in defining primarily the main objectives and issues of the transaction, such as task, cost, delivery or risk. By themselves they do not conclude a contract, for there are other issues to be addressed such as price payable, governing law, etc. They are intended to reduce or remove altogether uncertainties arising from different interpretation of the rules in different countries. As such they are regularly incorporated into sales contracts worldwide.

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