what are incoterms 
incoterms are a set of rules for international trade they are set up by the international chamber of commerce and outline the responsibilities of buyers and sellers of financial contracts in domestic and international markets as such they provide clarity when it comes to financial contracts between parties especially when they are in different countries established in 1936 incoterms are updated periodically examples of incoterms include delivered at place carriage and insurance paid to and delivered duty paid 2