International Chamber of Commerce to issue new Incoterms rules for January 2001

The International Chamber of Commerce has announced that it is issuing a new set of Incoterms. The new rules will take effect from 1 January 2011 and the ICC is taking orders now from anyone who wants to buy them. Incoterms are rules that determine (depending on which option is chosen by the contracting parties) the extent to which either the buyer or the seller is responsible for risk, carriage, insurance and taxes. The ICC first introduced this standard to aid international commerce about 75 years ago. Incoterms are updated about once a decade. The current ones were introduced in 2000.