Are also referred to as Terms of Sale and are standardized trade definitions. Most commonly used in international contracts, thus reflected on the sales invoice.

Ensure buyers and sellers understand each other's expectations and responsibilities.

Were created by the ICC (International Chamber of Commerce, and are protected by ICC copyright. Are reviewed every 10 years and regularly updated to keep pace with the ever-changing world of international trade.

Latest edition is the Incoterms 2000.