New Incoterms 2010 come into effect 1 January 2011
The International Chamber of Commerce (ICC) announced that Incoterms® 2010 launched in September 2010, came into effect on 1 January, 2011.
To keep up with the rapid expansion of world trade and globalization, the Incoterms rules are revised about once a decade. Since the last revision in 2000, much has changed in global trade and the current revision will take into account issues such as developments in cargo security and the need to replace paper documents with electronic ones.
The following terms from Incoterms 2000 have been deleted from the list:
DAF, DES, DEQ and DDU.
Two new terms have been added to the list:
DAT and DAP.
The table outlines the responsibility of the buyer / seller.The Incoterms® 2010 are arranged in two categories as follows:
Table coming soon
Rules for Any Mode of Transport
EXW - Ex Works FCA - Free Carrier CPT - Carriage Paid To CIP - Carriage and Insurance Paid DAT - Delivered At Terminal DAP - Delivered At Place DDP - Delivered Duty Paid
Rules for Sea and Inland Waterway Transport Only
FAS - Free Alongside Ship FOB - Free On Board CFR - Cost and Freight CIF - Cost, Insurance and Freight