General information for International Commercial Terms (INCOTERMS) The INCOTERMS is a set of definitions of international trade terms, developed by the International Chamber of Commerce (ICC) in Paris, France. It defines the trade contract responsibilities and liabilities between buyer and seller. The first INCOTERMS was published in 1936 and it is revised periodically each 10th year, next version will become valid in 2010. Complete text of INCOTERMS can be bought on www.iccbooks.com