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Implementation Date: January 1, 2011
The first Incoterms rules were released in 1936 by the International Chamber of Commerce. They caused a sensation in the business world given that they represented a radically new concept in an industry regulated by local rules of law. ICC s Incoterms help traders avoid misunderstandings by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods.
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