NEW TERMS RELEASED JANUARY 2011.
The latest version of the Incoterms® rules came into effect in January 2011 and takes into account developments in global trade since the rules were last revised in 2000. While contracts for the sale of goods incorporating earlier versions of the Incoterms® rules are still viable, it is suggested that users refer to Incoterms® 2010 for new transactions.
Correct use of Incoterms® goes a long way to providing the legal certainty upon which mutual confidence between business partners must be based. To be sure of using them correctly, trade practitioners need to consult the full ICC texts, and to beware of the many unauthorized summaries and approximate versions that abound on the web.
Incoterms® are international rules that are accepted by governments, legal authorities and practitioners worldwide for the interpretation of the most commonly used terms in international trade. They either reduce or remove altogether uncertainties arising from differing interpretations of such terms in different countries.
What do they cover?
The scope of Incoterms® is limited to matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold, but excluding “intangibles” like computer software.
Why do Incoterms® need revising periodically?
As the guardian and originator of Incoterms®, ICC has a responsibility to consult regularly all parties interested in international trade to keep Incoterms® relevant, efficient and up-to-date. It is also translated into 31 languages. This is a long and costly process for ICC, which is a non-governmental, self-financed organization. The work is financed out of sales of Incoterms® and related publications, which are protected by copyright. The new version has been modified to ensure that the Incoterms® rules clearly and accurately reflect present-day trade practices. The number of rules has been reduced from 13 to 11 and two new rules have been created: Delivered at Terminal (DAT) and Delivered at Place (DAP).
How do you get a copy of Incoterms® 2010?
To purchase the ICC Guide to Incoterms® 2010 and/or Incoterms® 2010 visit USCIB International Bookstore; where you will also find a selection of helpful Incoterms® products like wallcharts and desk pads.