Incoterms

 
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Incoterms

The Incoterms regulations or International Commercial Terms are sets of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. They are broadly employed in International procurement processes or commercial transactions as the use in international sales is motivated by trade councils, courts, and international lawyers. The Incoterms regulations are proposed mainly to obviously communicate the risks, costs, and tasks related to the delivery and transportation of goods. It is also a series of regulations for the interpretation of the nearly all generally used trade terms in international trade, accepted throughout the globe, issued by the International Chamber of Commerce.

This entry was posted in dictionary on September 14, 2017 by Tanushka.