International Commercial Terms
Incoterms
The definition of Incoterms (International Commercial Terms) was first introduced in 1936 by the International Chamber of Commerce (ICC). Incoterms are universally recognized rules. They guide buyers and sellers when formulating and fulfilling a contract for the shipment of goods.
A careful study of INCOTERMS 2020 will repay the effort by enabling more favorable trade terms. It allows the manufacturer and buyer to open the doors to more effective trade finance.