Incoterms are standardized set of rules that clearly define the responsibilities of buyers and sellers when engaging in international trade. They set clear guidelines of cost, insurance and ownership for each party. Incoterms are standardized set of rules that clearly define the responsibilities of buyers and sellers when engaging in international trade. They set clear guidelines of cost, insurance and ownership for each party. Incoterms are standardized set of rules that clearly define the responsibilities of buyers and sellers when engaging in international trade. They set clear guidelines of cost, insurance and ownership for each party. Incoterms are standardized set of rules that clearly define the responsibilities of buyers and sellers when engaging in international trade. They set clear guidelines of cost, insurance and ownership for each party.