- Incoterms is an acronym, and it stands for INternational COmmercial TERMS.
- Incoterms are standard definitions used in international trade.
- Incoterms reduce uncertainties arising from differing interpretations of such terms in different countries.
- Incoterms are published by the International Chamber of Commerce.
- They were first devised in 1936.
- Incoterms 1990 was a popular standard.
- Incoterms 2000 was the standard for a decade.
- Incoterms 2010 is the current standard.
- Incoterms regulate:
- The distribution of documents.
- The conditions for delivering goods.
- The cost of transporting goods.
- The responsibility of risk in shpping the goods.
- Incoterms do not cover:
- The conditions of the sale.
- The condition of the goods.
- The warranty of the goods.
- The payment or nonpayment of the goods.
- Intangible products such as computer software.
© 2004 - 2012 John Michael Pierobon