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New version of Incoterms launched

Paul Gershlick — Fri, 24 Sep 2010 17:01:54 +0000

The International Chamber of Commerce has launched a new version of Incoterms. It comes into effect on 1 January 2011. The rules create uniformity regarding certain key principles with international trade, such as where title and risk pass and who has responsibility for insurance, taxes and other costs. There are currently 13 different categories – each with different combinations of rules on these issues – such as ex works, CIF, CFR, FOB and DDP. The new Incoterms will have 11 categories, with two new rules – DAT (Delivered at Terminal) and DAP (Delivered at Place). The ICC does not make Incoterms freely available, so to order your copy, go here: http://www.iccwbo.org/incoterms/.

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

Paul Gershlick — Tue, 06 Jul 2010 18:15:51 +0000

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.