Put simply, Incoterms® are the selling terms that the buyer and seller of goods both agrees to. The
Incoterm® clearly states which tasks, costs and risks are associated with the buyer and the seller. The
Incoterm® is agreed between the buyer and seller and states when the seller’s costs and risks are then
transferred onto the buyer.

Incoterms® are also referred to as International Commercial Terms, which are published by the
International Chamber of Commerce (ICC), which relate to International Commercial Law. They are
accepted by governments and legal authorities around the world. The ICC published new Incoterms®
2020 that have come into effect from the 1st of January 2020.

The ICC originally published Incoterms® in 1936 and have continually published updates to reflect the
changes to the Global Trade environment. It's important that all parties involved in trade clearly
understand the changes and how they apply to global supply chains.

The IncoDocs chart displays Incoterms® 2020 in an easy to understand format. Our chart states each
Incoterm® and explains the obligations and charges that are accepted by the seller and the buyer. This is
general information for guidance purposes only.

For a full and complete description you can refer to the full version of Incoterms® 2020 by the
International Chamber of Commerce at the ICC website.