Incoterms are universally accepted terms of sale that specify how the buyer and the seller share the cost of freight and insurance in an international transaction and at which point the buyer takes title to the goods.

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Incoterms (International Commercial Terms) are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in international commercial transactions. They clearly define the responsibilities of buyers and sellers for the delivery of goods under sales contracts, including the allocation of costs and risks between the parties, and at which point the buyer takes title to the goods.

Incoterms Are Universally Accepted Terms of Sale That Specify How