The term, Incoterms®, is an abbreviation for International Commercial Terms. They are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts for domestic and international trade. They are published by the International Chamber of Commerce /ICC/ used in international commercial transactions. The first Incoterms were issued in 1936. Incoterms® 2010, were launched in September 2010 and became effective January 1, 2011.
- Incoterms ® 2010 does not obligate the buyer nor must the seller to insure the goods, therefore this issue be addressed elsewhere in the sales contract.
- Charges paid by Seller if through Bill of Lading or door-to-door rate to Buyer’s destination.