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What are Inco terms?

April 26, 2017inco terms

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What are Inco terms?

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Top Based in Paris, the International Chamber of Commerce (ICC) created a set of 13 terms (EXW, FOB, and CIF) to foster international agreement on the rights and responsibilities of buyers and sellers related to the movement of goods. When a seller and buyer agree to use one of the terms, they determine which party will be responsible for arranging and paying for different aspects of the shipping process. The ICC periodically updates the Inco terms to reflect changes in shipping technology. Because these terms are specifically designed to cover international transactions, the meanings may be different from similar three-letter codes used to describe domestic shipments.