Incoterms provide a universal set of rules and guidelines that help facilitate trade. In essence, they provide a common language traders can use to set the terms for their trades. Buyers and sellers can use Incoterms in a variety of activities necessary to conduct business.

• International commercial terms—Incoterms for short—clarify the rules and terms buyers and sellers use in international and domestic trade contracts. 
• Incoterms were updated for 2020 and although only one term changed, there are notable differences in security costs.3
• The terms are standardized but certain buyers and sellers will prefer individual terms over others. As such, which terms will be used is a matter of negotiation.

For mor details please check out this video.