Define Incoterm? What are the types of incoterm?

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Incoterms are standard trade terms used in international trade to define the responsibilities of buyers and sellers.

Incoterms are a set of rules published by the International Chamber of Commerce (ICC) that define the responsibilities of buyers and sellers in international trade.
There are 11 types of Incoterms, including EXW, FOB, CIF, DDP, and more.
Each Incoterm specifies the obligations of the buyer and seller regarding the delivery of goods, payment, insurance, and customs clearance.
The choice of Incoterm depends on the agreement between the buyer and seller, the mode of transport, and the destination of the goods.
For example, FOB (Free on Board) means that the seller is responsible for loading the goods onto the ship, while CIF (Cost, Insurance, and Freight) means that the seller is responsible for the cost of insurance and freight to the port of destination.

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