What are Incoterms or Terms of delivery?
Incoterms is an abbreviation of International Commercial Terms, which were first published in 1936 by the International Chamber of Commerce. There have been six different revisions and updates to the Incoterms since 1936. These Incoterms provide a common set of rules for the most used international terms of trade. The terms outline who is obligated to take control of and/or insure goods at a particular point in the shipping process. These terms also outline the obligations for the clearance of the goods for export or import.
