Inco-terms
Posted by Ripon Abu Hasnat on Friday, June 13, 2014 | 0 comments
The Inco-terms rules or 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 or procurement processes. A series of
three-letter trade terms related to common contractual sales practices, the
Inco-terms rules are intended primarily to clearly communicate the tasks,
costs, and risks associated with the transportation and delivery of goods.
The Inco-terms rules are accepted by
governments, legal authorities, and practitioners worldwide for the
interpretation of most commonly used terms in international trade. They are
intended to reduce or remove altogether uncertainties arising from different
interpretation of the rules in different countries. As such they are regularly
incorporated into sales contracts worldwide.
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