International Trade Term Definitions
Incoterms are trade terms published by the International Chamber of Commerce (ICC) that are commonly used in both international and domestic trade contracts. Incoterms, which is short for “international commercial terms,” are used to make international trade easier by helping traders who are in different countries to understand one another.
The Incoterms rules or International Commercial Terms are a series of per-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. They are widely used in International commercial transactions or procurement processes as the use in international sales is encouraged by trade councils, courts and international lawyers
Trade terms used in different countries may appear identical on the surface, but they actually have different meanings as they are used domestically. Incoterms are internationally recognized and prevent confusion in terms of foreign trade contracts by helping sellers and buyers understand their obligations in any transaction.
The Incoterms rules are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade. 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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