Incoterms® 2010

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Pub No. : 715

ISBN: 978-92-842-0080-1

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News - UN Endorses Incoterms® 2010, ICC's Rules for International Trade

Incoterms®2010

ICC Official Rules for the Interpretation of Trade Terms

ICC No. 715

Paperback

2010 Edition

Approximately 130 pages

Implementation Date: January 1, 2011

The first Incoterms rules were released in 1936 by the International Chamber of Commerce. They caused a sensation in the business world given that they represented a radically new concept in an industry regulated by local rules of law. ICC’s Incoterms help traders avoid misunderstandings by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods.

International trade becomes more and more complex. Therefore, universally used rules are essential to avoid misunderstandings and costly disputes. Regularly incorporated into sales contracts worldwide, Incoterms® rules define the responsibilities of sellers and buyers for the delivery of goods. Incoterms® 2010 continues a 70-year ICC tradition and reflects the latest developments in commercial practice and updates, and consolidates some of the former rules. A new classification system divides the 11 Incoterms® rules into two distinct groups:

Rules for any mode of transport: EXW FCA CPT CIP DAT DAP DDP

Rules for waterway transport: FAS FOB CFR CIF

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 choosing the most suitable rule in relation to the mode of transport;
Advice for the use of electronic procedures;
Information on security-related clearances for shipments;
Advice for the use of Incoterms® 2010 in domestic trade.

Table of Contents

Foreword

Introdcution

RULES FOR ANY MODE OR MODES OF TRANSPORT

EXE ex works

FCA free carrier

CPT carriage paid to

CIP carriage and insurance paid to

DAT delivered at terminal

DAP delivered at place

DDP delivered duty paid

RULES FOR SEA AND INLAND WATERWAY TRANSPORT

FAS free alongside ship

FOB free on board

CFR cost and freight

CIF cost insurance and freight

Please note that all contracts made under INCOTERMS® 2000 remain valid even after 2011. Moreover, although we recommend using Incoterms® 2010 after 2011, parties to a contract for the sale of goods can agree to choose any version of the Incoterms rules after 2011. It is important however to clearly specify the chosen version INCOTERMS® 2010, INCOTERMS® 2000 or any earlier version.

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