Incoterms

Incoterms

Trade terms, published by the International Chamber of Commerce (ICC), that are commonly used in international contracts.

Notes:

Incoterms are used to make international trade easier by helping traders in different countries understand one another.

Trade terms used internationally (such as Incoterms) are often identical in form to domestic terms (such as the American Uniform Commercial Code), but have different meanings. Therefore, it is important to indicate the particular law that governs their terms. For example, to use the Incoterm definition, a contract might refer to: "FOB (Incoterms 2000)."

See also: CFR, CIF, DES, EXW, FAS, FCA, FOB

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Incoterms

Trade terms used worldwide to specify seller and buyer obligations in shipments against international sales contracts. These terms are adopted by the International Chamber of Commerce (ICC) for international movement of merchandise. Since they in themselves are not law, they must be specified if desired in quotations, sales contracts, purchase orders and commercial invoices.