Incoterms® rules are internationally recognized standards. They are used worldwide in international and domestic contracts for the sale of goods. First published in 1936, Incoterms® rules provide internationally accepted definitions and rules for interpreting most common commercial terms. The rules have been developed and maintained by experts and practitioners brought together by the ICC and they have become the standard for defining international business rules. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in delivering goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for interpreting most common terms in foreign trade.
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