Final answer:
INCOTERMS are indeed standard industry terms that define the responsibilities of buyers and sellers in international trade, such as shipping costs, insurance, and risk.
Step-by-step explanation:
The statement that INCOTERMS are standard industry terms used to identify the duties of buyers and sellers under the term of sale is true. INCOTERMS, or International Commercial Terms, are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in international commercial transactions. These terms are designed to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods. INCOTERMS specify, for example, who is responsible for the cost of shipping, insurance, and tariffs, and at which point the seller's responsibility ends and the buyer's begins.