INCOTERMS: RISK, RESPONSIBILITY AND CONSIDERATIONS FOR INTERNATIONAL TRADE

Introduction

INCOTERMS, or International Commercial Terms, are a set of standardized international trade terms published by the International Chamber of Commerce (ICC). These terms are widely used in international contracts to define the respective roles and responsibilities of buyers and sellers during the shipment and delivery of goods. The primary purpose of INCOTERMS is to provide clarity and consistency in global trade transactions by establishing a common understanding of key logistics and cost-related issues.

INCOTERMS were first introduced by the ICC in 1936 and have since undergone several revisions to adapt to the changing global trade landscape. The most recent version is INCOTERMS 2020.