INCOTERMS

They are standard sets of global trading terms and conditions, issued by the International Chamber of Commerce, designed to help traders, lawyers, transporters and insurers when goods are bought, sold and transported. Essentially, the 11 Incoterms rules set out obligations for trading partners (for example, who is responsible for transport, import and export clearance etc.) and, importantly, the point in the journey where risk transfers from the seller to the buyer.