Incoterm

(noun)

Any of a series of international sales terms that divide transaction costs and responsibilities between buyer and seller.

Related Terms

Examples of Incoterm in the following topics:

  • Recording Purchases

    • International shipments typically use "FOB" as defined by the Incoterm standards, where it always stands for "Free On Board. " Domestic shipments within the U.
    • S. or Canada often use a different meaning, specific to North America, which is inconsistent with the Incoterm standards.