Terms of Delivery

Terms of Delivery

The part of a sales contract that indicates the point at which title and risk of loss of merchandise pass from the seller to the buyer. See: Incoterms.

Terms of Delivery

In international commerce, an agreement between the seller and the buyer as to who is responsible for the cost and risk of delivering the goods. Cost and risk may rest exclusively with either party, or may be split at a certain point. The International Chamber of Commerce has set approximately a dozen different terms of delivery. See also: Incoterm.