The International Commercial Terms (INCO Terms) is a set of rules that the International Chamber of Commerce conceived and compiled (latest issue is dated 2000). The purpose of these rules is to define the role and the obligations (financial and liability) between the Sellers and the Buyers that are involved in an international COMMERCIAL transaction that involves carriage of goods from one place to another. In case that the commercial transaction involves the carriage of the goods by sea, a Contract of Carriage by Sea is arranged between one of the above parties and the Carrier. The terms that concern this specific SHIPPING part of the cycle are known as LINER TERMS and will be illustrated at the end of this document.