Incoterms are a standardized set of rules that define the rights and obligations of buyers.

Incoterms are a standardized set of rules that define the rights and obligations of buyers and sellers in international trade contracts.

They establish the allocation of costs, risks, and responsibilities between the parties involved in the transportation and delivery of goods.

The latest version of Incoterms is Incoterms 2020. The International Chamber of Commerce (ICC) released this updated set of rules for the use of domestic and international trade terms.