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At times parties entered in international sale contracts are unaware of the different trading practices in their respective countries.

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Incoterms2010 & Contracts Lite Editor's review

At times parties entered in international sale contracts are unaware of the different trading practices in their respective countries. This can give risk to misunderstandings, disputes and litigation, with all the waste of time and money that this entails. In order to remedy these problems, the International Chamber of Commerce (ICC) - www.iccwbo.org - first published in 1936 a set of international rules for the interpretation of trade terms. These are known as the INCOTERMS rules. The word is an abbreviation of International commercial terms and the chosen Incoterms rule is a term of the contract of sale (please note: not of the contract of carriage).

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