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?Ts 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.
Please note that all contracts made under INCOTERMS® 2000 remain valid even after 2011. Moreover, although we recommend using Incoterms® 2010 after 2011, parties to a contract for the sale of goods can agree to choose any version of the Incoterms rules after 2011. It is important however to clearly specify the chosen version INCOTERMS® 2010, INCOTERMS® 2000 or any earlier version.
Publication No. 715
Approximately 130 pages
Price: $60.00 (for both member AND non-members)
IF YOU ARE PLANNING TO SHIP OUTSIDE OF THE U.S. (Canada, Mexico, Etc...), PLEASE DO NOT PROCEED WITH PURCHASE AND CONTACT THE NEI AT 202-466-0222 OR EDUCATION@NCBFAA.ORG IMMEDIATELY.