INCOTERMS
Incoterms are a set of rules that define how buyers and sellers share costs, risks, and responsibilities in international trade. The International Chamber of Commerce (ICC) publishes Incoterms, which are accepted globally.
INCOTERMS are standardized terms established by the International Chamber of Commerce (ICC) used in export contracts to designate which party should pay costs such as insurance and transport
It defines the trade contract responsibilities and liabilities between buyer and seller. It is invaluable and cost-saving tool. The exporter and the importer need not undergo a lengthy negotiation about the conditions of each transaction.
