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Regularly incorporated into sales contracts worldwide, Incoterms defines in a set of three-letter trade terms, the risks and responsibilities of buyers and sellers in an international sales contract.
Used by large and small businesses alike, Incoterms are applied to the sales of billions of dollars of goods each year and provide businesses with the confidence and certainty to operate in unfamiliar markets and legal jurisdictions.
The new Incoterms 2010 rules, entering into force on 1 January 2011, incorporate a number of changes to keep pace with the development of international trade. Containing revised definitions and interpretation of rules to provide greater clarity and precision, Incoterms 2010 includes:-