If you didn’t already know, Incoterms® are being updated. The new version, Incoterms® 2010 will replace Incoterms® 2000 from January 2011.
Incoterms® rules define the responsibilities of buyers and sellers for the delivery of goods under sales contracts. Incoterms® 2010 takes into account the latest developments in commercial practice, and updates and consolidates some of the former rules. A new classification system divides the 11 Incoterms® rules into two distinct groups:
Rules for any mode of transport: EXW FCA CPT CIP DAT DAP DDP
Rules for waterway transport: FAS FOB CFR CIF
In addition to the 11 rules, Incoterms®2010 includes:
- Extensive guidance notes and illustrative graphics to help users efficiently choose the right rule for each transaction;
- New classification to help choosing the most suitable rule in relation to the mode of transport;
- Advice for the use of electronic procedures;
- Information on security-related clearances for shipments;
- Advice for the use of Incoterms® 2010 in domestic trade.
We will have the new edition in stock from October when they are released.
So if you are interested in a copy, please contact the Export Team on 01233 503838 or export@kentinvictachamber.co.uk.
