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| Allocations of costs to buyer/ seller according to Incoterms 2010 |
The International Commercial Terms (Incoterms) are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC). They are widely used in International commercial transactions or procurement processes. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. First published in 1936, the Incoterms rules have been periodically updated, with the eighth version of Incoterms 2010, which published on January 1, 2011.