(a) The terms of a sale. The setting of responsibilities of the buyer and seller in a sale, including: sale price, responsibility for shipping, insurance and customs duties. (b) One of the several recognized sets of definitions of trade terms. The most widely used trade terms are Incoterms 2010, which are published by the International Chamber of Commerce, which have replaced the now obsolete Revised American Foreign Trade Definitions. See Incoterms 2010; International Chamber of Commerce.