To standardize and facilitate business transactions worldwide, the International Chamber of Commerce has developed a set of sales terms (sales rules). Thus, referring to one of the Incoterms in the sale contract, clearly defines the obligations of the contract’s parties and reduces the risk of legal problems.
The International Chamber of Commerce first developed the Incoterms in 1936. These rules have been gradually updated in line with changes in laws and technologies, and the 2020 version is latest version which now being used in the market.
These rules describe a set of 3-letter terms that mainly describe the duties, costs, and potential risks in order to deliver the goods from the seller to the buyer.
To get acquainted with these 11 sales terms, click on the name of each one of them from the side menu