ICC Releases Incoterms® 2010
The International Chamber of Commerce (ICC) launched the latest revision of its internationally-recognized trade terms Incoterms® 2010 on September 16, 2010. The rules, used by companies in business transactions all over the world, will come into effect on January 1, 2011.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
The Incoterms® 2010 rules take into account developments in global trade since they were last revised in 2000. These include changes in cargo security and the increased use of electronic communications in business transactions. Revisions have been made to ensure that the wording of the Incoterms® rules clearly and accurately reflects 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). The latest version also features guidance notes at the beginning of each of the rules to help steer the user to the correct Incoterms® rule.