Payterms - Abbreviations for Terms of Payment
Author/Source: UNECE through its Center for Trade Facilitation and Electronic Business (UN/CEFACT)
Year of adopting/publication: 1982 (first version)
Document reference: ECE/TRADE/142
Link to the document on the internet: Recommendation No.17
Purpose: To provide precision in terms of payment in international sale contracts and a single definition of the terms so as to reduce disputes between trade partners.
Summary: The Recommendation No. 17 provides abbreviations for certain terms of payment, referred to as "PAYTERMS", for use in international trade transactions, commercial transactions relating to the provision of goods and/or services, as appropriate.
Pages that cite the Rec. No.17: