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PIARC (World Road Association), founded in 1909 and comprising 125 member governments from all over the world, is the global forum for exchange of knowledge and experience on roads, road transport policies and practices. With consultative status to the Economic and Social Council of the United Nations, the Association is contributing to a stable and sustainable global development of the road and transport sector.

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Term of the Road Dictionary

Incoterms

Language : PIARC Road Dictionary / English
Theme : Financial and Legal Tools Law and Regulations
Definition : Set of international rules issued by the International Chamber of Commerce for the interpretation of the chief terms of delivery used in foreign trade contracts. Note the Incoterms define the rights and obligations of the seller and the buyer with respect to: - party responsible for packing, transport, transport insurance, transport/customs documentation; - party which pays for the above-mentioned activities; - transfer of the risk (at which point and time the risk passes from the seller to the buyer) [EN 14943].