What are Incoterms?

Incoterms, or International Commercial Terms, are a set of contract terms for international freight delivery. While the word itself creates some mystique, they are in fact simple - entirely concerned with the delivery of goods, especially in an international environment.

Our Incoterms expert David Lowe, who is also global co-chair of the Incoterms 2020 drafting group, gives an overview here of these important contract terms and how to use them to best effect.