The International Chamber of Commerce (ICC) published a new set of rules called the Incoterms® that are an internationally recognized standard, used in international and domestic contracts for the sale of goods.
Since their first publication in 1936, the rules have provided internationally accepted definitions and rules of interpretation for most common commercial terms.
“The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. Launched in mid-September 2010, Incoterms® 2010 came into effect on 1 January 2011. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.”