- Incoterms stands for International commercial terms. - Fifteen terms of sale accepted worldwide in an assignment of costs and responsibilities between buyer and seller. - Basically, Incoterms are trade terms published by the International chamber of commerce(ICC), and that is commonly used in both international and domestic trade contracts. - Incoterms are basically intended to convey the assignments, expenses, and risks related to the transportation and delivery of products. - Incoterms in OpenERP support the business worldwide and are only for information purposes that define international commercial terms and it has no impact in different modules of OpenERP.