Incoterms, short for International Commercial Terms, are a set of rules published by the International Chamber of Commerce (ICC) that define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. They are widely used in international commercial transactions to clarify the tasks, costs, and risks involved in the delivery of goods from sellers to buyers. Here's a brief overview of some key Incoterms:

1. EXW (Ex Works): The seller makes the goods available at their premises. The buyer is responsible for all transportation costs and risks.
   
   
2. FCA (Free Carrier): The seller delivers the goods, cleared for export, to the carrier selected by the buyer at a specified location.
   
   
3. CPT (Carriage Paid To): The seller pays for the carriage of the goods to the named destination, but the risk transfers to the buyer upon handing over to the first carrier.
   
   
4. CIP (Carriage and Insurance Paid To): Similar to CPT, but the seller also has to procure insurance against the buyer's risk of loss or damage to the goods during the carriage.
   
   
5. DAP (Delivered At Place): The seller delivers the goods to a named destination, ready for unloading at the buyer's disposal. The seller bears all risks involved in bringing the goods to the named place.
   
   
6. DPU (Delivered at Place Unloaded, formerly DAT): The seller delivers and unloads the goods at the named place of destination. This is the only Incoterm that requires the seller to unload the goods at the destination.
   
   
7. DDP (Delivered Duty Paid): The seller delivers the goods to the buyer, cleared for import, and ready for unloading at the named place of destination. The seller bears all costs and risks involved in bringing the goods to the place of destination and has an obligation to clear the goods not only for export but also for import, to pay any duty for both export and import, and to carry out all customs formalities.
   
   
8. FAS (Free Alongside Ship): The seller places the goods alongside the ship at the named port of shipment. The buyer bears all costs and risks of loss or damage from that moment.
   
   
9. FOB (Free On Board): The seller must load the goods on board the ship nominated by the buyer, cost and risk being divided at ship's rail. The seller must clear the goods for export.
   
   
10. CFR (Cost and Freight): The seller must pay the costs and freight necessary to bring the goods to the named port of destination but the risk of loss or damage to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer.
    
    
11. CIF (Cost, Insurance & Freight): Essentially the same as CFR except that the seller must in addition procure and pay for the insurance.
    
    

Understanding these terms is crucial for businesses engaged in international trade as they clearly define the division of costs, risks, and responsibilities between the buyer and seller. It's important to note that Incoterms do not cover the transfer of ownership or title of goods, and they are regularly updated to reflect changes in international trade practices. The latest version as of this update is Incoterms 2020.