Incoterms rules define the responsibilities of buyers and sellers for the delivery of goods under sale contracts. They are the authoritative rules for determining how costs and risks are allocated to the parties. Incoterms rules are regularly incorporated into sale contracts worldwide and have become part of the daily language of trade.
Incoterms 2010 contains the ICC rules for the use of the 11 Incoterms trading terms. It takes into account the latest developments in commercial practice, and updates and consolidates some of the former rules. All sale contracts should make reference to the Incoterms 2010 rules as the latest version of the Incoterms rules.
ICC has been writing and publishing the Incoterms rules for more than 70 years, providing importers, exporters, lawyers, transporters, insurers and students in the international arena with rules and guidance reflecting the latest developments in the trading environment.