The organization that publishes the international trade terms known as Incoterms is the International Chamber of Commerce, or ICC.
Incoterms are standardized three-letter rules used in contracts for the sale and purchase of goods. They clarify which party handles transportation, insurance, customs formalities, delivery, and the risk of loss at each stage. This shared vocabulary helps buyers and sellers in different legal and commercial systems interpret their responsibilities consistently.
The ICC first published Incoterms in 1936 and updates them periodically as shipping practices and international commerce evolve. Incoterms 2020 contains 11 rules, including EXW, FCA, FOB, CIF, DAP, and DDP. The rules can be used in domestic as well as international sales contracts.
Incoterms do not set the price, payment method, transfer of ownership, or every remedy for breach of contract. They are also not standards issued by ISO or the WTO. Those organizations may influence related areas of global commerce, but the ICC is the body that creates and maintains the Incoterms rules.