INCOTERMS Rules in International Trade

Abstract

Within the range of the international trade operations it is gathered the content of the whole international trade law, including of course the international trade participants as they are the ones that make these operations happen. With regard to the international trade contracts, these raise the question of the delivery of goods, the location and the moment in time when the risk transfer takes place between the vendor and the customer and last but not least, the distribution of the expenses related to the freight and the insurance of the goods. These details could be stipulated in long, detailed contractual clauses that would make tedious the whole process. For this reason, it was developed a harmonized and worldwide applicable system of international trade conditions - Incoterms which covers the most common situations and practices.