INCOTERMS, short for International Commercial Terms, is a set of standardized trade terms used in international commercial transactions to define the rights and responsibilities of buyers and sellers.
What is INCOTERMS?
INCOTERMS is a set of standardized trade terms that are used in international trade to clarify the responsibilities of buyers and sellers in the delivery of goods. The term "INCOTERMS" is short for "International Commercial Terms."
The INCOTERMS specify the obligations and risks of the buyer and seller in different stages of the shipment, including the delivery of goods, transfer of risks, and payment for the shipment. They provide a common language for international trade and help avoid misunderstandings and disputes between buyers and sellers.