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 International Commercial Terms (Incoterms) used in international contracts of sale are widely agreed upon, pre-defined commercial terms for defining limits of risk, cost and liability for any form of international transport, detailing the roles and responsibilities of the shipper, the carrier and the receiver/consignee. Incoterms are negotiated and set by the International Chamber of Commerce (ICC), and are connected various forms of international trade law and maritime time. Incoterms were established in the 1920s, and now are generally updated every ten years, with the most recent update in 2020.

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