Set of three-letter codes, published by the International Chamber of Commerce (ICC), which represents several ways to organize international shipments. Commonly used in both foreign and domestic trade contracts, these are used to make international trading easier by helping traders in many countries understand one another. First designed in 1936, the codes are updated from time to time in order to conform with present trade practices. Because of such updates, contracts should indicate the version of Incoterms being used.