For a long period of time, there has not been a unified interpretation of various terms of trade in the international arena. Later, the International Chamber of Commerce, the International Law Association, and some famous American business groups, after long-term efforts, formulated rules for interpreting international trade conditions, which were widely adopted internationally and thus formed into general international trade practices.
There are three main international practices related to trade terms:
(1) "Warsaw-Oxford Rules" (1932)
This rule was developed by the International Law Association to interpret CIF contracts. It provides a detailed explanation of the nature of CIF contracts, the risks borne by buyers and sellers, the division of responsibilities and costs, and the manner in which ownership is transferred. The rules are stated in the general rules. This rule is voluntarily adopted by both parties to the transaction. Where the rules are expressly adopted, the rights and obligations of the parties to the contract shall be invoked in accordance with the provisions of these Rules. Any change to, or addition to, any of the rules may be made by an express agreement between the parties. If the rule conflicts with the contract, the contract shall prevail.
(II) "Revised American Foreign Trade Definition 1941"
It was developed by nine commercial groups in the United States and has six terms of trade. This definition clearly states in the preamble that this definition is not legally binding and that, unless there are specific legislative provisions or approvals for court decisions, in order to make it legally binding on the parties concerned, it is recommended that buyers and sellers accept this definition as An integral part of a sales contract. This definition is used more in the Americas.
(3) "General Principles for the Interpretation of International Trade Conditions of 1990" ("INCOTERMS 1990")
It was developed by the International Chamber of Commerce to unify the interpretation of various terms of trade. The earlier General Rules were produced in 1936, and the International Chamber of Commerce had four revisions in 1953, 1967, 1976, and 1980. The current "General Principles of 1990" was revised on the basis of the original "General Principles" based on the development and changes of the International Chamber of Commerce in the 1980s in terms of science and technology and transportation methods. The General Principles explain a total of thirteen terms of trade. The important feature is that under certain terms of trade, sellers can sell electronic documents instead of traditional paper purchase documents.
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