• icc1

    International Chamber of Commerce

    The International Chamber of Commerce (ICC), headquartered in Paris, is the largest and most representative business organization in the world. Thousands of companies in over 130 countries having business interests across every sector of private enterprise are its members.

    The ICC has a worldwide network of national committees who keep their members and organizations like the UN and the WTO informed on the latest relevant developments on International Business.

    They have drafted various set of guidelines to ensure smooth and unambiguous trade transactions across the world. For e.g. UCP 600, URC 522, ISP 98, URDG 758 and such others… These guidelines are regularly updated by ICC with the help of more than 2,000 experts drawn from ICC’s member companies who act as consultants for such revisions and also other relevant discussions.

  • incoterms

    Incoterms

    Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in International commercial transactions. They are a series of three-letter trade terms (for eg. CIF, FOB, CFR, DDP, etc.) related to common contractual sales practices. The Incoterms rules are intended primarily to clearly communicate the roles, costs, and risks associated with the transportation and delivery of goods.

    The Incoterms rules are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade. They are intended to reduce or remove uncertainties arising from different interpretation of the rules in different countries.

    Did you know that – “The Incoterms listed in the above table are bifurcated into 2 categories – Incoterms for any Mode of Transport  and  Incoterms for Sea and Inland Waterway Transport”!!!

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