Incoterms® 2010

Incoterms® 2010
ICC Official Rules for the Interpretation of Trade Terms

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.

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Incoterms 2010

Publication No. 715
Paperback
2010 Edition
Approximately 130 pages
Price: $60.00
ISBN: 978-92-842-0080-1

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Staff Contact:   Greg Tondi

Controller
Tel: 212.703.5080

Greg Tondi serves as USCIB’s Manager of Accounting and Finance, bringing with him expertise in not-for-profit and private sector accounting, finance and academics. Prior to joining USCIB, Tondi was Controller at the College of St. Elizabeth in Morristown, NJ for the past couple of years. Before assuming his Controller position at the College of St. Elizabeth, Tondi was an Associate Manager of Accounting and Financial Analyst for Prudential Financial. He also spent several years as a high school teacher. Tondi enjoys teaching and continues as an Adjunct Professor at New Jersey City University where he received his Masters in Accounting. Tondi received his Bachelor of Science in Finance from Rutgers University. He co-published an industry paper on the impact of the Sarbanes-Oxley Act on small businesses. Tondi is a Certified Public Accountant in the state of New Jersey.
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