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INCOTERMS 2013
The International Chamber of Commerce (ICC) published the 8th and current version of its International Commercial Terms, also known as INCOTERMS® on January 1, 2011.
The revised rules, originally designated "INCOTERMS 2010", contain a series of changes, such as a reduction in the number of terms to 11 from 13. The DAF, DES, DEQ, and DDU designations have been eliminated, while two new terms, Delivered at Terminal (DAT) and Delivered at Place (DAP), have been added. INCOTERMS 2010 also attempt to better take into account the roles cargo security and electronic data interchange now play in international trade.
WHAT INCOTERMS ARE - INCOTERMS are a set of three-letter standard trade terms most commonly used in international contracts for the sale of goods. First published in 1936, INCOTERMS provide internationally accepted definitions and rules of interpretation for most common commercial terms. In the US, INCOTERMS are increasingly
WHAT INCOTERMS DO - INCOTERMS inform the sales contract by defining the respective obligations, costs and risks involved in the delivery of goods from the Seller to the Buyer.
WHAT INCOTERMS DO NOT DO - INCOTERMS by themselves DO NOT:
Constitute a contract;
Supersede the law governing the contract;
Define where title transfers; nor,
Address the price payable, currency or credit terms.
These items are defined by the express terms in the sales contract and by the governing law.
INCOTERMS are grouped into two classes:
1. TERMS FOR ANY TRANSPORT MODE
EXW - EX WORKS (... named place of delivery)
The Seller's only responsibility is to make the goods available at the Seller's premises. The Buyer bears full costs and risks of moving the goods from there to destination.
FCA - FREE CARRIER (... named place of delivery)
The Seller delivers the goods, cleared for export, to the carrier selected by the Buyer. The Seller loads the goods if the carrier pickup is at the Seller's premises. From that point, the
The International Chamber of Commerce (ICC) published the 8th and current version of its International Commercial Terms, also known as INCOTERMS® on January 1, 2011.
The revised rules, originally designated "INCOTERMS 2010", contain a series of changes, such as a reduction in the number of terms to 11 from 13. The DAF, DES, DEQ, and DDU designations have been eliminated, while two new terms, Delivered at Terminal (DAT) and Delivered at Place (DAP), have been added. INCOTERMS 2010 also attempt to better take into account the roles cargo security and electronic data interchange now play in international trade.
WHAT INCOTERMS ARE - INCOTERMS are a set of three-letter standard trade terms most commonly used in international contracts for the sale of goods. First published in 1936, INCOTERMS provide internationally accepted definitions and rules of interpretation for most common commercial terms. In the US, INCOTERMS are increasingly
WHAT INCOTERMS DO - INCOTERMS inform the sales contract by defining the respective obligations, costs and risks involved in the delivery of goods from the Seller to the Buyer.
WHAT INCOTERMS DO NOT DO - INCOTERMS by themselves DO NOT:
Constitute a contract;
Supersede the law governing the contract;
Define where title transfers; nor,
Address the price payable, currency or credit terms.
These items are defined by the express terms in the sales contract and by the governing law.
INCOTERMS are grouped into two classes:
1. TERMS FOR ANY TRANSPORT MODE
EXW - EX WORKS (... named place of delivery)
The Seller's only responsibility is to make the goods available at the Seller's premises. The Buyer bears full costs and risks of moving the goods from there to destination.
FCA - FREE CARRIER (... named place of delivery)
The Seller delivers the goods, cleared for export, to the carrier selected by the Buyer. The Seller loads the goods if the carrier pickup is at the Seller's premises. From that point, the