Incoterms
Trade terms, published by the International Chamber of Commerce (ICC), that are commonly used in international contracts.
Investopedia Commentary
Incoterms are used to make international trade easier by helping traders in different countries understand one another.
Trade terms used internationally (such as Incoterms) are often identical in form to domestic terms (such as the American Uniform Commercial Code), but have different meanings. Therefore, it is important to indicate the particular law that governs their terms. For example, to use the Incoterm definition, a contract might refer to: "FOB (Incoterms 2000)."
Related Links
What Is The World Trade Organization?
What Is International Trade?
See also: Cost and Freight - CFR, Cost, Insurance and Freight - CIF, Delivered Ex Ship - DES, Ex Works - EXW, Free Alongside - FAS, Free Carrier - FCA, Free On Board - FOB