How do Incoterms work and how are they used on transactions in NetSuite?

AI generated answer (using internal Slack threads):

Incoterms, short for International Commercial Terms, are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts. They are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. In NetSuite, Incoterms can be used in transactions to specify the terms of shipment and delivery. They can be set up in the Shipping tab of a Sales Order, Purchase Order, or other transaction records. The selected Incoterm will then be reflected in the printed or emailed transaction form. To set up Incoterms in NetSuite, you can follow these steps: 1. Navigate to Setup > Company > Shipping Items > New. 2. In the Name field, enter the name of the Incoterm (e.g., "FOB", "CIF", etc.). 3. In the Display Name field, enter the full name of the Incoterm (e.g., "Free On Board", "Cost, Insurance, and Freight", etc.). 4. Click Save. Once the Incoterms are set up, they can be selected in the Shipping Terms field of a transaction. This field is located in the Shipping tab of the transaction record. Please note that the use of Incoterms in NetSuite does not automate any logistics or legal processes related to the shipment and delivery of goods. It is merely a way to record and communicate the agreed terms between the seller and the buyer. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******