INCOTERMS 2010 Update from Export.gov

Posted by Caroline Brown on Wed, Jan, 26 2011 @ 4:30 AM

The following is a message from Export.gov:

The new INCOTERMS® 2010 became effective January 1, 2011. Incoterms--which is an abbreviation for International Commercial terms--are a series of sales terms. They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions. In addition to providing a set of rules for the interpretation of commonly used trade terms, INCOTERMS® 2010 accomplish the following:

1. Significantly revises Group D listed in INCOTERMS® 2000;

2. Reduce Incoterms from four groups to two groups, allowing trade experts to choose the most suitable rule related to the mode of transport; and

3. Reduce the absolute number of Incoterms from 13 to 11.

Moreover, INCOTERMS® 2010 offer additional guidance which assists users in selecting the most appropriate Incoterm for each transaction. The revised terms also spell out rules regarding the use of electronic procedures; detail information on security-related clearances for shipments; and offer advice with respect to domestic trade.

Learn more about Incoterms 2010

If you still have questions regarding the new Incoterms 2010, please contact the Trade Information Center at 1-800-USA-TRADE (1-800-872-8723).

Topics: Transportation Management, Global Knowledge, Import Management

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