What are Incoterms®?
Incoterms® or “International Commercial Terms” are a series of predefined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law.
In plain language, they’re a set of rules used to determine who holds the risk on the shipment. By risk we mean the responsibility of loss or damage or who’s insurance could potentially be used for a claim. Some Incoterms® apply to any means of transportation; others apply strictly to transportation across water. Typical examples of Incoterm® rules for any mode of transportation include Delivered at Terminal (DAT), Delivered Duty Paid (DDP), and Ex Works (EXW).
For more information visit the International Chamber of Commerce (ICC).
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