Incoterms are a series of international sales with terms, published by International Chamber of Commerce and widely used in international commercial transactions. These are accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade. This reduces or removes altogether uncertainties arising from different interpretation of such terms in different countries. For a given term, “Yes” indicates that the seller has the responsibility to provide the service included in the price. “No” indicates it is the buyer’s responsibility.
To understand the transaction costs and responsibilities between buyer and seller, refer to the