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The International Chamber of Commerce (ICC) has recently announced the launch of new rule changes to Incoterms® 2010. This revision, the first since 2000, will aim to incorporate changes that have taken place in global trade in the course of the last 10 years, including electronic documentation and developments in cargo security.
Incoterms® are international rules, developed more than 70 years ago by the ICC in Paris, that are accepted by governments, legal authorities and traders worldwide for the interpretation of the most commonly used terms in international trade. The main objectives of Incoterms® revolve around foreign trade contracts concerned with the loading, transportation, insurance and delivery of goods.
Incoterms® rules also describe the tasks, costs and risks involved in the delivery of goods from sellers to buyers.
Although the ICC's publication is not due for official release until mid-September, details on the ICC website show that some key changes to Incoterms® 2010 will be the elimination of 4 Incoterms® including:
DDU – delivered duty unpaid
DEQ – delivered ex-quay
DES – delivered ex-ship
DAF – delivered at frontier
and the addition of two new terms:
DAT – delivered at terminal
DAP – delivered at place
The official implementation of Incoterms® 2010 is scheduled to take place in January 2011.
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