Incoterms

What is Incoterms?

Incoterms are 11 separate rules set by the International Chamber of Commerce (ICC) that define the responsibilities of sellers and buyers for the sale of goods in international transactions. It clarifies the duties, costs and risks that each Incoterms rule must assume by buyers and sellers in these transactions. Knowing about Incoterms helps develop smoother processes by clearly defining who is responsible for each step of the process.