Are internationally recognized commercial terms that describe the responsibilities of the buyer and seller in the arrangement of transportation and clarify when the ownership of the merchandise takes place

The answer is incoterms.

Explanation:

The word is short for International Commercial Terms. Published by the International Chamber of Commerce, these terms intend to regulate international commercial law. They are concerned with the clear communication of costs and risks of worldwide deliveries.

Incoterms define the buyer's and seller's obligations and are included into most international sales contracts.

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