Incoterms® 2010 are a set of standardised rules recommended for use in international sales contracts to define the responsibilities of sellers (exporters) and buyers (importers) for the delivery of goods. They are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions.
Incoterms® provide a common set of rules to clarify responsibilities of sellers and buyers for the delivery of goods and the transfer of risk under sales contracts. They apportion transportation costs and responsibilities such as insurance associated with the delivery of goods between buyers (importers) and sellers (exporters) and reflect modern-day transportation practice
This interesting article by Jay Leary and Louise Bell from Herbert Smith Freehills provides tips to avoid disputes involving incoterms in commodity transactions.