INCOTERMS - a series of commercial terms aimed for voluntary usage by parties in foreign trade contracts. Typical, most often applied combinations of contractual obligations of seller and buyer in purchase-sale agreements, used in abbreviated forms.
INCOTERMS are applicable exclusively to the relations of seller and buyer (exporter and importer).
Currently, there are more than a dozen detailed terms determining i.a. expenses, risk and obligations of contractual parties in such areas, as transported cargo insurance, customs clearance, freight, shipyard procedures, licences, etc.
The terms were first published in 1936. At present, terms published in 1990, marked as INCOTERMS 1990, are applied in contracts.
INCOTERMS - ORIGINAL VERSION (PL)