Incoterms are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions. Since their creation in 1936, revisions have been implemented in 1953, 1967, 1974, 1980, 1990, 2000, and 2010. The Incoterms were revised again in 2020 to keep up with trends in international trade. This seminar will discuss the recent changes, cost components of the terms, transfer of risk, strategic uses of Incoterms to support sourcing and selling, and issues that arise when using non-standard terms.