An international trade term. Incoterms, the best known of which are CIF and FOB, are used as an international shorthand in commercial agreements. A glossary of these terms, the latest edition of which is Incoterms 2000, is published by the International Chamber of Commerce. It sets out definitions of the various Incoterms, which deal with such matters as which party to a contract is responsible for transport of the goods, who insures them in transit, and who arranges payment of customs duties.
http://22.214.171.124/search?q=cache:0rbGTcByjdwJ:www.iccwbo.org/incoterms/+incoterms&hl=en&ct=clnk&cd=1&gl=uk Incoterms information from the website of the International Chamber of Commerce