INCOTERM that is International Commercial Terms which very important part of the International Trade. This publication drafted in a simple and non-technical language shall be of immense help to provide a brief idea to all who are connected with the trade, maybe within the country or in an international arena. It is for ease of understanding. The author’s views on this are based on over five decades of work experience. It is clarified to the reader that this publication provides the glossary and brief introduction only, of INCOTERMS and it is not a substitute for the original ICC publication. For the actual operational requirements, the use of original publication is unavoidable.
However, the laws, procedures, and requirements for the trade differ from country to country, which may create a hurdle in transacting the business smoothly. As a helping hand in the matter, the International Chamber of Commerce (ICC) has come out with a number of publications to bring uniformity in the world of trade practices. The INCOTERMS is one of such an effort on their part. It helps a lot in the area of transacting smoothly in business deals all over the world.
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