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International Freight Terms and Corresponding Issues
Our White Paper titled, “Legal Terms Surrounding The Transportation Process That Have Significant Impact On How Business Is Conducted And Where Responsibility Is Assigned” neglected to identify that the terms were for domestic transportation. To all of our readers who took the time to point this out, we thank you.
In order to best understand a subject and to effectively articulate and communicate ideas, thoughts and issues, it is imperative that we share definitions. In this connection, the international transportation and foreign trade interests cried out for such standards; the result of the process is Incoterms.
The first published set of terms was compiled by the International Chamber of Commerce (ICC‐not to be confused with the now defunct Interstate Commerce Commission) in 1936 and has been updated and continues to reflect current practices.