By the 1920's, commercial traders had developed a set of trade terms to describe their rights and liabilities with regard to the transport of goods. these trade terms consisted of short abbreviations for lengthy contract provisions, and therefore they were commonly used for convenience. Unfortunately there was no uniform interpretation of them in all countries, and therefore misunderstandings often arose in cross-border transactions.
To improve this aspect of international trade, the International chamber of Commerce (ICC) developed rules for the interpretation of international commercial terms.
First published in 1936, these rules have been periodically revised to account for changing modes of transport and document delivery, and they have become popularly known as Incoterms.
Incoterms 2000 is a set of uniform rules codifying the interpretation of trade terms defining the rights and obligations of buyers and sellers in international transactions. Developped and issued by the International ICC, the current version is publication No. 560 from 2000.
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