Editing Incoterms (section)

{{short description|Standardized contract terms regarding transportation and delivery}}
{{Use dmy dates|date=April 2018}}

The '''Incoterms''' or '''International Commercial Terms''' are a series of pre-defined commercial terms published by the [[International Chamber of Commerce]] (ICC) relating to [[international commercial law]].<ref>[https://www.edumaritime.net/icc-academy/incoterms-2020-certificate-inco-online Incoterms 2020]</ref> Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. They are widely used in international [[commercial transaction]]s or [[procurement]] processes and their use is encouraged by trade councils, courts and international lawyers.<ref name="auto">{{cite book|last1=Vishny|first1=Paul H.|title=Guide to international commerce law|date=1981|publisher=West Group|location=St. Paul, MN|isbn=0070675139}}</ref> 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 global or international transportation and delivery of goods. Incoterms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer, but they do not themselves conclude a contract, determine the price payable, currency or credit terms, govern [[contract law]] or define where title to goods transfers.

The Incoterms 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 the differing interpretations of the rules in different countries. As such they are regularly incorporated into sales contracts worldwide.<ref>{{cite web | url = http://store.iccwbo.org/icc-guide-to-incoterms-2010 | title = ICC Guide to Incoterms® 2010 | access-date = March 14, 2014 | publisher = ICC | archive-date = 8 March 2014 | archive-url = https://web.archive.org/web/20140308055941/http://store.iccwbo.org/icc-guide-to-incoterms-2010 | url-status = dead }}</ref>

"Incoterms" is a registered [[trademark]] of the ICC.

[[United Nations Convention on Contracts for the International Sale of Goods|CISG]] art. 66 is a supplement to an inadequate Incoterms rule.<ref>{{Cite web |title=THE INTERPLAY BETWEEN THE INCOTERMS & CISG ON THE INTERNATIO |url=https://cisg-online.org/files/commentFiles/Karibi-Botoye_2_2_JLPol_2022_95.pdf}}</ref>

The first work published by the ICC on international trade terms was issued in 1923, with the first edition known as Incoterms published in 1936. The Incoterms rules were amended in 1953,<ref name=i1953>{{cite web | url =https://uncitral.un.org/sites/uncitral.un.org/files/media-documents/uncitral/en/incoterms1953_e.pdf |title = Incoterms® 1953 | access-date = 1 May 2021 | publisher = UNCITRAL}}</ref> 1967, 1976, 1980, 1990, 2000, and 2010, with the ninth version — '''Incoterms 2020''' <ref>{{cite web | url = http://store.iccwbo.org/incoterms-2020 | title = Incoterms® 2020 | publisher = ICC | access-date = 28 January 2020 | archive-date = 27 January 2020 | archive-url = https://web.archive.org/web/20200127132900/http://store.iccwbo.org/incoterms-2020 | url-status = dead }}</ref> — having been published on September 10, 2019.