Incoterms are a set of standardized rules established by the International Chamber of Commerce (ICC) that define the responsibilities and liabilities of buyers and sellers in international trade transactions. The term “Incoterms” is short for “International Commercial Terms.”

Incoterms cover a wide range of topics, including the delivery of goods, the transfer of risk, the allocation of costs, and the obligations of the parties involved in the transaction. The rules are designed to provide clarity and certainty to international trade transactions and to reduce the risk of disputes between the parties.

There are currently 11 Incoterms in use, each with its own unique set of rules and requirements. The most commonly used Incoterms are EXW (Ex Works), FCA (Free Carrier), CIF (Cost, Insurance, and Freight), and DDP (Delivered Duty Paid).

It is important for buyers and sellers to understand the Incoterms that apply to their transactions, as they can have a significant impact on the cost and risk associated with the transaction.

For more detailed information about Incoterms and how they apply to your specific situation, it is recommended that you consult with a legal expert or a law firm specializing in international trade. TD Law Firm is an example of such a firm, and they can be contacted for further information and assistance.