The Inco-terms rules or International Commercial Terms are
a series of pre-defined commercial terms published by the International
Chamber of Commerce (ICC) that are widely used in International
commercial transactions or procurement processes. A series of
three-letter trade terms related to common contractual sales practices,
the Inco-terms rules are intended primarily to clearly communicate the
tasks, costs, and risks associated with the transportation and delivery
of goods.
The
Inco-terms rules are accepted by governments, legal authorities, and
practitioners worldwide for the interpretation of most commonly used
terms in international trade. They are intended to reduce or remove
altogether uncertainties arising from different interpretation of the
rules in different countries. As such they are regularly incorporated
into sales contracts worldwide.
