From Longman Business DictionaryIncotermIn‧co‧term /ˈɪŋkəʊˌtɜːm-koʊˌtɜːrm/ noun [countable]COMMERCE a word on a list from the International Chamber of Commerce that is used in international trade contracts. The list provides the exact meaning of terms, for example FOB, in order to avoid confusion between people in different countriesThe ICC’s Incoterms are widely used by exporters and forwarders involved in the shipment of goods. → carriage and insurance paid → carriage paid to → cost and freight → cost, insurance and freight → delivered at frontier → delivered duty paid → delivered duty unpaid → delivered ex quay → delivered ex ship → ex works → free alongside ship → free carrier → free on board → free on board airport → free on rail
