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Incoterms® 2010

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Incoterms 2010 define the responsibilities of buyer and seller for delivery of goods under International sales contracts The revised Incoterms 2010 are scheduled to be launched in September and come into effect on January 1, 2011. This was recently announced The International Chamber of Commerce (ICC). The following terms from Incoterms 2000 have been deleted from the list: DAF, DES, DEQ and DDU. Two new terms have been added to the list: DAT and DAP. Whilst Incoterms 2000 had four categories, Incoterms 2010 only has two categories. The Incoterms 2010 are arranged in two categories as follows: Rules for Any Mode of Transport CIP - Carriage and Insurance Paid CPT - Carriage Paid To DAP - Delivered At Place DAT - Delivered At Terminal DDP - Delivered Duty Paid EXW - Ex Works FCA - Free Carrier Rules for Sea and Inland Waterway Transport Only CFR - Cost and Freight CIF - Cost, Insurance and Freight FAS - Free Alongside Ship FOB - Free On Board 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 classifications 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. Used in international and domestic contracts for the sale of goods, Incoterms help parties avoid misunderstandings by clearly identifying the obligations of the buyer and seller. Featuring the two new rules, the Incoterms 2010 edition reflects advances in international trade over the last decade, and is an essential tool for trade. Used in both international and domestic contracts for the sale of goods, the rules simplify the drafting of such contracts and help avoid misunderstandings by clearly setting out certain obligations of buyers and sellers.