Incoterms are eleven standardized trade terms published by the International Chamber of Commerce for contracts involving the sale of goods. They allocate specified delivery tasks, costs, and risk between buyer and seller, but they do not by themselves determine ownership, price, payment method, or every contract obligation.
Quick reference for Incoterms
| Check | What it means for the transaction |
|---|---|
| Category | Trade and logistics |
| Record to keep | Keep the agreed term, named place, shipment reference, carrier event, cost allocation and delivery evidence when they apply. |
| Do not infer | A delivery term does not settle payment timing, transfer of title or regulatory responsibility unless the contract says so. |
Incoterms and nearby terms
- Landed cost: Landed cost is the total cost of obtaining a product and bringing it to the required location.
