Incoterms: The Global Rules of International Trade
Incoterms, short for International Commercial Terms, are standardized trade terms published by the International Chamber of Commerce (ICC). They define the responsibilities of buyers and sellers in global transactions, covering aspects like delivery, risk, insurance, and transportation costs. By providing a common framework, Incoterms help businesses avoid confusion, reduce disputes, and ensure smooth cross-border trade.
Incoterms clearly define the roles, responsibilities, and costs between buyers and sellers in international trade. They help avoid misunderstandings and make cross-border transactions smoother.