April 21, 2023

The term “Incoterms” is an abbreviation for International Commercial Terms.  The terms are used in international commercial transactions. The terms were created in 1936 by the International Chamber of Commerce (ICC), based in Paris France to standardize a general set of rules and terms for international trade. Prior to the establishment of Incoterms, misunderstanding occurred due to the different trade terms and different countries interpretations. They established a standard set of rules between the sellers and buyers in commercial transactions. Since the origin of Incoterms, the rules have been updated several times to account for changes in international trade. Most