This overview is a guide to the Banking & Finance content within the Incoterms subtopic within the trade and commodity finance topic, with links to the appropriate materials.
Incoterms鈥攁n abbreviation of 'International Commercial Terms'鈥攁re a set of globally recognised terms and conditions used in international, and sometimes domestic, contracts for the sale and purchase of goods. They comprise a set of 11 three letter acronyms/abbreviations each representing a different set of provisions dealing with the allocation of duties, costs and risks in a sale and purchase contract. The intention of Incoterms is to achieve a consistency of understanding and interpretation of contractual terms, particularly where contracts involve multiple legal jurisdictions.
The International Chamber of Commerce (ICC) publishes a set of rules for the interpretation of Incoterms explaining the meaning of each of the terms. These rules were first published in 1936 and are updated periodically to reflect changes in trade practices.
The ICC released Incoterms 2020 in September 2019 (see: LNB News 10/09/2019 69). Incoterms 2020 replaced the 2010 version of the rules with effect from
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