Incoterms


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Incoterms

(ˈɪnkəʊˌtɜːmz)
n
(Commerce) a glossary of terms used in international commerce and trade, published by the International Chamber of Commerce
References in periodicals archive ?
One solution called for a re-examination of the Incoterms negotiated with the brands.
A: Incoterms or International Commercial Terms are used to specify the most commonly-used terms in international commercial transactions or procurement processes.
The District Court also observed that the CISG incorporates common trade practices, known as Incoterms (International Commercial Terms), to fill in any gaps in the law where the CISG is, otherwise silent, such as the meaning of the term received.
Incoterms are NOT contract terms and cannot be relied upon to solve responsibility.
The seminar, conducted by Vincent O'Brien, who represents the ICC Banking Commission, provided a comprehensive review of the new Incoterms 2010 rules and took a detailed technical look at proven methods of generating discrepancy transport document for presentation under Documentary Letters of Credit based on UCP 600 rules and international standard banking practices.
Macedonian firms are not well acquainted with the rules of INCOTERMS which is all the more so considering that its latest version to be applied in international trade in the next decade was revealed in 2010.
Robert Capper, Partner and head of the commercial department chaired the event at the Worcester Rugby Club which was attended by over 40 delegates from local businesses looking for more insight into the new Incoterms 2010 rules and international trade opportunities.
The new Incoterms 2010 rules (Incoterms is short for International Commercial Terms) have been drawn up by the International Chamber of Commerce and reflect the changes that have taken place in international trade since the last version of the rules was published in 2000.
The approach to realizing these benefits is related to leveraging incoterms to realize financial benefit and reduced variability.
Delivery terms are typically based on Incoterms or "international commercial terms".