The Incoterms® rules are the world’s essential terms of trade for the sale of goods. Incoterms®?(International Commerce Terms) are a set of 11 internationally standardized rules which define the responsibilities of sellers and buyers. Incoterms®?specify who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities. The new rules entered into force on 1 January 2020.