ARCHIVED: This Practice Note has been archived and is not maintained. For the 2020 version of the rule, see: Incoterms® 2020—introduction
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Incoterms® 2010 Rules were replaced by Incoterms® 2020 rules with effect from 1 January 2020. For information on the Incoterms® 2020 rules applicable from 1 January 2020, see Practice Note: Incoterms® 2020—Introduction.
Foreword
By Rajat Gupta, ICC Chairman
The global economy has given businesses broader access than ever before to markets all over the world. Goods are sold in more countries, in larger quantities, and in greater variety. But as the volume and complexity of global sales increase, so do possibilities for misunderstandings and costly disputes when sale contracts are not adequately drafted.
The Incoterms® rules, the ICC rules on the use of domestic and international
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Jurisdiction(s):
United Kingdom
Key definition:
Incoterms definition
What does Incoterms mean?
An abbreviation of 'International Commercial Terms'—a set of globally recognised terms and conditions used in international, and sometimes domestic, contracts for the sale and purchase of goods.
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