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Incoterms rules (INternational COmmerce TERMS) are a total of eleven terms published by the International Chamber of Commerce (ICC) based in Paris, which define costs, risks and obligations of buyers and sellers in international transactions. The first edition was published in 1936 and subsequently have been making continuous revisions and updates (usually every ten years) to the one currently in force which is the year 2010 (Incoterms 2010). The "Practical Guide to Incoterms 2010" is an essential tool for exporters, importers, brokers and commercial agents, forwarders and logistics professional, bankers, insurers, international lawyers, trade associations, chambers of commerce as well as professors and students of international trade.