ICOTERMS apply in a contract for carriage of goods by sea if:

• A.One party to the contract is based in the the UK and the other is based in the US
• B.They are incorporated in the contract and agreed to by the parties to the contract.
• C.There are no insurance coverage associated with the contract indicating that both parties assume the risk.
• D.Both parties are resident in a country that is a signatory to the INCOTERMS convention.
• E.One party resides in a state that is signatory to the INCOTERMS convention while the other party resides in a state that is not and they both agreed to apply ICOTERMS