The most well-known usance of the foreign trade. The International Chamber of Commerce established these standards to be applied in the international commerce, in 1936. In consequence of the development of the commerce, it stands under standing revision, the latest (7th version) is from 2011.
The aim of the was a creating of the unified regulation which regulates the rights of the seller and the buyer in the international delivery contracts, in form of so-called clauses. The clause is not a rule, therefore it comes into force thereby that the signatories mutually acquiesce in it. Its importance consists in it that the delivery conditions need not be in detail regulated in the contracts, it is enough to suggest the appropriate INCOTERMS clause (e.g. prices FOB Chinese harbour are to be understood).
All clauses of the INCOTERMS include the engagements both of the seller and of the buyer in 10 -10 paragraphs.