Tuesday, November 23, 2010

Incoterms 2010 Take Effect January 1st, 2011in

Incoterms 2010 will take effect on January 1st, 2011. Since the last
revision, Incoterms 2000, there have been a number of changes in both global
and domestic trade, this revision addresses those changes.
In contrast to the previous four classes, E,F,C and D, Incoterms will now be
separated into 2 groups, those applicable to all modes of transport and
those only applicable to sea and inland waterway transport.
There will now be a total of 11 terms instead of 13, with 2 new additions,
DAP and DAT and 4 deletions, DAF, DDU, DEQ and DES.


Incoterms 2010 applicable for all modes of transport:
EXW : ex works
FCA : free carrier
CPT : carriage paid to
CIP : carriage and insurance paid to
DAT : delivered at terminal - NEW!
DAP : delivered at place - NEW!
DDP : delivered duty paid
Incoterms 2010 only applicable for sea and inland waterway transport:
FAS : free alongside ship
FOB : free on board
CFR : cost and freight
CIF : cost, insurance and freight

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