Government: Customs and International Trade - FAQ
What are Incoterms?
- Incoterms are standard International rules for interpreting trade terms in contracts.
- They were formulated by the International Chamber of Commerce.
- Use of the terms is optional but they can be very useful in establishing a common set of rules for parties in different countries.
- The terms establish the risks and responsibilities of each party to the contract.
- A quick reference guide of the Incoterms is available at: http://www.customs.gov.au/webdata/resources/files/Incoterms.pdf
Read some more FAQS from our Customs and International Trade section