Incoterms are a series of standard trade definitions or international sales terms, published by International Chamber of Commerce (ICC) and widely used in international commercial transactions. Each Incoterm establishes who is responsible for costs and risks such as transport costs, insurance, duties payable and customs clearance. Incoterms are accepted by governments, legal authorities and businesses worldwide for the interpretation of most commonly used terms in international trade. Before using Incoterms, consider the country of the buyer. Some countries stipulate that set Incoterms are used, while others set chosen Incoterms as standard practice. Transport may also affect your choice as some Incoterms can only be used for transport by sea and inland waterways. Right now there are 13 trade terms , the most commonly used are FOB (Free on Board), EXW (Ex-Works), CFR (Cost and Freight), CIF (Cost, Insurance and Freight) , DAP (Delivered at Place) and others.