The Incoterms rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. Incoterms are international trade conditions, that govern the rights and obligations of the buyer and the seller. Who should do what and when? The system was set up to clearify international trading rules for both buyer and seller. In daily practice one might easily choose the wrong Incoterm, often caused by habit, laziness or ignorance. This can be a great risk with high financial consequences, for both the seller and the buyer.
The Incoterms were amended several times, most recently in 2020, taking into account, among other things, the increasing online business.
We list the most important changes here: