Incoterms 2010 Views

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NOTE: The following information refers to Incoterms 2000 and is now replaced with different information in Incoterms 2010[3] For a given term, Yes indicates that the seller has the responsibility to provide the service included in the price. No indicates it is the buyer's responsibility. If insurance is not included in the term (for example, CFR) then insurance for transport is the responsibility of the buyer or the seller depending on who owns the cargo at time of transport. In the case of CFR terms, it would be the buyer while in the case of CIF or CIP terms, it would be the seller.

* 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

Incoterms or International Commercial terms are a series of sales terms. They are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. The purpose of Incoterms is to provide a set of international rules for the interpretation of commonly used trade terms in international transactions. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. The first Incoterms were issued in 1936. The most recent Incoterms were updated in 2010 and became effective January 1, 2011.

INCOTERMS ® 2010 are the updated version of INCOTERMSk® 2000. INCOTERMSu® 2010 have been developed as a result of an extensive review of current shipping practices and trends in an effort to keep up with the rapid expansion of world trade. The key drivers for this update include: a need for improved cargo security, changes to the Uniform Commercial Code in 2004 that resulted in a deletion of U.S. shipment and delivery terms, and new trends in global transportation.

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