International commercial terms (INCOTERMS) are a set of international rules for the interpretation of the most commonly used trade terms in foreign trade. They are " Terms of sale" which define the obligations, risks, and costs of the seller and buyer for delivery. They are authoritative rules for determining how costs and risks are allocated to the parties and can significantly reduce misunderstandings among traders, thereby minimize trade disputes and litigation. Incoterms rules have been known and respected worldwide for more than 70 years as the rules of the International Chamber of Commerce ("ICC"), which reflect International trade practice of exporters and importers. Incoterms rules are applied and understood by traders, contracts drafters as well as by courts and arbitrators in a uniform way. Since Incoterms define the obligations
of the seller and the buyer regarding delivery, transfer of risk, loading of the goods, export or import clearance, conclusion of transport contracts, Incoterms rules are an essential tool in the negotiation of international contracts. The choice of an Incoterms has a direct impact on the allocation of cost and risk. The course will suite both beginners and those who have more than a basic understanding of Incoterms 2020.