New Incoterms 2010 come into effect 1 January 2011
The International Chamber of Commerce (ICC) announced that Incoterms® 2010 launched in September 2010, came into effect on 1 January, 2011.
To keep up with the rapid expansion of world trade and globalization, the Incoterms rules are revised about once a decade. Since the last revision in 2000, much has changed in global trade and the current revision will take into account issues such as developments in cargo security and the need to replace paper documents with electronic ones.
“Get familiar with the New Incoterms® 2010.
You may need to renegotiate any of your contracts that may be affected by the changes”.
Lance Scoular,
The Savvy Navigator
Founding Partner and CEO,
Key Directions.
The 2010 edition includes 11 terms instead of the 13 in the previous edition.
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.
DAT replaces Incoterms 2000 rule DEQ.
DAP replaces Incoterms 2000 rules DAF, DES and DDU.
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
EXW - Ex Works
FCA - Free Carrier
CPT - Carriage Paid To
CIP - Carriage and Insurance Paid
DAT - Delivered At Terminal
DAP - Delivered At Place
DDP - Delivered Duty Paid
Rules for Sea and Inland Waterway Transport Only
FAS - Free Alongside Ship
FOB - Free On Board
CFR - Cost and Freight
CIF - Cost, Insurance and Freight
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
The new Incoterms® 2010 are in use from 1st January 2011.
The Made Easy e-Guide to Incoterms® 2010 Rules with its unique “Quick Reference Format” is now available.
This 77-page e-Guide to the 2010 version of Incoterms® is an essential companion to the official ICC publication, Incoterms® 2010, which lists the rules and the obligations for Sellers and Buyers.
Get your Made Easy e-Guide to Incoterms® 2010 Rules here:
Click here for your Made Easy e-Guide to Incoterms® 2010 Rules
The Incoterms® 2010 Publications
The International Chamber of Commerce (ICC) has issued thenew Incoterms Book which will be in use from 1st January 2011.
Books Available from Incoterms® 2010 Publications as follows.
ENGLISH EDITION
ICC Publication No. 715E, the 2010 English edition, Paper version, is available to purchase from the ICC and the present price is Euro 55.
ENGLISH-FRENCH EDITION
ICC Publication No. 715EF, the 2010 English-French edition, Paper version, is available to purchase from the ICC and the present price is Euro 60.
Where to obtain the Incoterms® 2010 Publications
Incoterms® 2010 Publications Outlets
Incoterms® 2010Videos Part 6
5 main Changes in Incoterms® 2010
Click to play
LINKS TO INCOTERMS® 2010 INFORMATION:
Incoterms® 2010 Home Page
Incoterms® 2010 Home Page
Incoterms® 2010 Publications
Incoterms® 2010 Publications
Incoterms® 2010 Articles
Incoterms® 2010 Articles
Incoterms® 2010 Events
Incoterms® 2010 Events
Incoterms® 2010 Videos
Incoterms® 2010 Videos
Incoterms® 2010 News
Incoterms® 2010 News
Import Export Made Easy Home Page
International Trade Sources, Courses and Resources
Import Export Made Easy Home Page
All the best with Incoterms,
Lance Scoular, The Savvy Navigator
(Founder of Key Directions)
(Incoterms® 2010 Facilitator)
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