The Incoterms rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in International commercial transactions or procurement processes.
From 1 January 2011 onwards, revised Incoterms will come into effect worldwide. In order to inform you of the changes, we have summarised all of the relevant information into an overview:
In the future, instead of 13 clauses, there will only be 11.
These are divided into two categories:
Clauses for all types of transport: EXW, FCA, CPT, CIP, DAT, DAP, DDP
Clauses for sea and inland water transport: FAS, FOB, CFR, CIF
The DAT and DAP Incoterms replace the former clauses DEQ, DAF, DES and DDU.
Pursuant to Incoterms 2010, for clauses FOB, CFR and CIF, goods are regarded as having been delivered as soon as they are on board the ship, and not as previously, at the reeling of the ship.
Pursuant to the ICC, Incoterms may be applied to both domestic and to international purchase contracts. Click here to visit the International Chamber of Commerce website.