Newer language of global trade

Incoterms are invariably incorporated in all international contracts for sale of goods

The International Chamber of Commerce (ICC) has decided to launch a revised edition of the International Commercial Terms (‘Incoterms’) by the first week of September. Thus, businesses will get nearly four months to adapt, prepare and train users of the new Incoterms before these take effect from January 1. 

Incoterms are a collection of three-letter abbreviations that outline the obligations of importers and exporters, responsibility for various costs involved in the transport and delivery of goods, and when and how the risks pass from sellers to buyers. Some hold universal meaning round the world — FCA (free carrier), CIF (cost, freight