Embassy Logistic Terms: Incoterms

Incoterms are the standard International transport agreements for commercial goods. These terms determine the division of liability and responsibility between the buyer and the seller in the areas of risk, costs and arrangement of transport and customs documentation, thereby reducing the risk of legal complications.

The Incoterms are issued and published by the International Chamber of Commerce. The first edition of the Incoterms dates back to 1932. In order to keep up with the increasing amount of electronic data processing, the terms were revised in 1990.

In January 2020, the new Incoterms 2020 came in to force.

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