The Incoterms® (International Commercial Terms) rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. First published in 1936, Incoterms® rules provide internationally accepted definitions and guidelines of interpretation for most common commercial terms.
The rules have been developed and maintained by experts and practitioners brought together by the International Chamber of Commerce (ICC) and have become the standard in international business rules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs, and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by the United Nations Commission on International Trade Law (UNCITRAL) as the global standard for the interpretation of the most common terms in foreign trade.