Jurisdiction(s):
United Kingdom

Key definition

Incoterms definition

What does Incoterms mean? In legal practice, Incoterms are standard three‑letter trade terms published by the International Chamber of Commerce that allocate delivery obligations, transfer of risk, carriage, insurance and customs formalities in sale of goods contracts. They are not legislation and have no effect unless expressly incorporated; when incorporated (for example, “FCA London Incoterms 2020”), they form part of the contract and are interpreted by reference to the ICC rules. Used primarily in international trade and also domestically, Incoterms clarify who arranges and pays for transport, who clears goods for export and import, the delivery point, and what shipping documents must be provided. They...

Incoterms® 2020: practical guidance for drafting contracts of sale: what the rules do and do not, incorporation, delivery/risk/costs, carrier issues, rule selection, and key 2010-2020 changes

Published by a LexisNexis Commercial expert

Practice notes

This Practice Note provides the introduction to the Incoterms® 2020 Rules, reproduced here with the permission of ICC Publishing SA. The Incoterms® 2020 rules, together with other ICC titles, can be obtained from ICC Publishing SA, 33-43 avenue du Président Wilson, 75116 Paris, France, and from ICC United Kingdom, 1st Floor, 1-3 Staple Inn, London, WC1V 7QH, United Kingdom, as well as via www.iccwbo.org.

Taking effect on 1 January 2020, the Incoterms® 2020 rules superseded the Incoterms® 2010 rules to mirror developments in the marketplace over the past ten years. For an overview of the Incoterms® 2010 rules, see Practice Note: Incoterms® 2010—introduction [Archived].

Foreword By John W.H. Denton, AO, ICC Secretary General

Expansion of the global economy has offered most companies unprecedented access to markets worldwide. As a consequence, goods are now traded in more jurisdictions, in larger volumes, in wider assortments, and at greater speed.

However, as both the scale and intricacy of international trade rise, so too does the potential for misunderstandings and expensive disputes when sale contracts are not carefully drafted. The ICC Incoterms® rules on applying domestic and cross-border trade terms tackle this exposure by streamlining the conduct of global trade. Reference to the ICC...

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Web page updated on 21/05/2026

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