Term of the Road Dictionary

Incoterms

  • Language : PIARC Road Dictionary / English
  • Theme : Financial and Legal Tools Law and Regulations
  • Definition : Set of international rules issued by the International Chamber of Commerce for the interpretation of the chief terms of delivery used in foreign trade contracts. Note the Incoterms define the rights and obligations of the seller and the buyer with respect to: - party responsible for packing, transport, transport insurance, transport/customs documentation; - party which pays for the above-mentioned activities; - transfer of the risk (at which point and time the risk passes from the seller to the buyer) [EN 14943].

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