What are Incoterms Rules?

International Commercial Terms. Incoterms, widely-used terms of sale, are a set of 11 internationally recognized rules which define the responsibilities of sellers and buyers.

A set of standard rules created by the International Chamber of Commerce (ICC) to harmonise the understanding of the buyers’ and sellers’ obligations when moving goods.  Allocates responsibilities related to costs, risk and delivery of goods.  Legally binding when included in a contract.