Incoterms®2020 rules are the official international commercial terms published by the International Chamber of Commerce. They are the globally-accepted guide for determining the responsibilities of buyers and sellers for the delivery of goods under international sales contracts.
Incoterms are accepted by the United Nations and fixed as part of the Convention on International Trade.
Incoterms were first conceived by the ICC in 1921, and the first Incoterms rules were created in 1936. They were officially designated as Incoterms in 1936. Since then, Incoterms have evolved into a codified worldwide contractual standard. They are periodically updated when international trade events require attention. Amendments and additions were made in 1953, 1967, 1976, 1980, 2000, 2010 and 2020.