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Incoterms (International Commercial Terms)
Incoterms (International Commercial Terms)
Incoterms are standardized international trade terms published by the International Chamber of Commerce (ICC). They define the responsibilities of buyers and sellers in international transactions. Responsibilities include transportation, insurance, duties, and customs clearance. Common Incoterms include EXW (Ex Works), FOB (Free on Board), CIF (Cost, Insurance, and Freight), and DDP (Delivered Duty Paid).