Incoterms is an abbreviation for International Commercial Terms. It is a contract that defines the responsibilities of sellers and buyers in international trading and business transactions for the sale/purchase of goods. Businesses all over the world have adopted Incoterms as a standard method of transacting. These rules are universally recognised by governments and legal authorities worldwide. Acquiring a working knowledge of Incoterms is essential for conducting international business because they clearly state how buyers and sellers share tasks, costs, and risks. Incoterms were first adopted in 1936 by the International Chamber of Commerce (ICC); since then, ICC has revised Incoterms several times to accommodate ever-changing business needs, the most recent being Incoterms 2010.
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