Established by the International Chamber of Commerce, the Incoterms are a set of standardised rules used to regulate commercial transactions around the globe.  

The rules, recognised by UNCITRAL as the worldwide standard for the interpretation of common terms in international trade, are used to ensure there are no misunderstandings as to the roles and responsibilities involved with the transportation and delivery of goods, assigning the task of arranging, insuring and paying for each part of the process, from collection at the start of the journey to delivery at the end destination. 

Crucial for avoiding costly mistakes and confusion by clarifying and defining tasks, costs and risks involved in the delivery of goods from sellers to buyers, the rules are defined in the following table. Click below to view Incoterms 2010.