Incoterms
From Open Risk Manual
Definition
Incoterms. Incoterms or International Commercial Terms are a series of international sales terms, published by the International Chamber ofCommerce (ICC). They standardize international trade practices, facilitate trade, and minimize misunderstandings over commercial terminology. They are therefore widely used in international commercial transactions. They divide transaction costs and responsibilities between buyers and vendors.
In particular, they define which parties incur the costs and at what specific point the costs are incurred.
