Incoterms® Rules 2010

 

The Incoterms® rules have become an essential part of the daily language of trade. They have been incorporated in contracts for the sale of goods worldwide and provide rules and guidance to importers, exporters, lawyers, transporters, insurers and students of international trade.

 

(Validity: January 1, 2011)

ICC published Incoterms 2010 revision on September 27, 2010. Aforementioned revision had come into effect as of January 1, 2011. INCOTERMS is a term that is formed by combining words such as international, commercial and terms. INCOTERMS is prepared by ICC (International Chamber of Commerce).

 

In Incoterms 2010, types of delivery are reduced from 13 to 11.  
Four delivery types are abolished and two new delivery types are formed.

 

Delivery Types That Are Used in All Transportation Modes:

EXW-

Ex Works

FCA-

Free Carrier

CPT-

Carriage Paid To

CIP-

Carriage and Insured Paid To

DAT- (NEW)

Delivered At Terminal

DAP- (NEW)

Delivered At Place

DDP-

Delivered Duty Paid

 

Delivery Types That Are Used Only in Sea Transportation and Inland Waterway Transportation: 

FAS-

Free Alongside Ship

FOB-

Free On Board

CFR-

Cost and Freight

CIF-

Cost, Insurance And Freight

 

Only CIP and CIF delivery types foresee that seller should insure his goods.

 

IN SUMMARY:

(DDU, DES, DEQ AND DAF THAT WERE IN INCOTERMS 2000 WERE ABOLISHED, AND DAT AND DAP DELIVERY TYPES WERE ADDED TO INCOTERMS 2010 WHICH ENTERED INTO FORCE ON JANUARY 1, 2011.)

 

Source: https://iccwbo.org/