Incoterms® 2010 were launched in mid-September 2010 and will come into effect on January 1, 2011.
The Incoterms® rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. First published in 1936, Incoterms® rules provide internationally accepted definitions and rules of interpretation for most common commercial terms.
The latest revision of the Incoterms® rules reflects major developments and changes throughout the last decade, such as the increased importance of cargo security and the deletion of the former US shipment and delivery terms.
In addition to the 11 rules, Incoterms® 2010 includes:
- extensive guidance notes and illustrative graphics to help users efficiently choose the right rule for each transaction
- new classification to help choose the most suitable rule in relation to the mode of transport
- advice for the use of electronic procedures
- updates on security-related information requirements
- advice for the use of the Incoterms® 2010 rules in domestic trade.
The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.
The International Chamber of Commerce (ICC), the world’s business organization, is the global leader in the development of standards, rules and reference guides for international trade. ICC operates a global network of national committees and groups in more than 90 countries from its headquarters in Paris.
Visit iccwbo.org for more iformation about Incoterms®.