Incoterms are the terms agreed upon by nation states that allow for the incorporation of companies as recognized globally.

Question

Quizplus · Accepted Answer

Incoterms are not terms agreed upon by nation states, but rather are commercial terms established by the International Chamber of Commerce (ICC) that define the responsibilities of buyers and sellers in international trade transactions. They are used to facilitate global trade by providing a common language and set of rules for the transportation, delivery, and transfer of goods.

Incoterms Are the Terms Agreed Upon by Nation States That