• Incoterms 2000 is the latest version of International Chamber of Commerce’s (ICC) standard trade definitions, commonly known as the INCO terms. The terms consist of 13 rules which are fundamental to international trade, defining the most important responsibilities of buyers and sellers in international sales contracts. Incoterms are a basic reference for sales contracts, recognized as the international standard by customs authorities and courts everywhere. Since they were first published in 1936, Incoterms a trademarked ICC product – have been updated six times.
  • Incoterms are a set of uniform rules codifying the interpretation of trade terms defining the rights and obligation of both buyer and seller in an international transaction, thereby enabling an otherwise complex basis for a sale contract to be accomplished in three letters. Incoterms are drafted by the International Chamber of Commerce.