Last Published: 11/28/2016
The new Incoterms; 2010 became effective January 1, 2011.

Incoterms--which is an abbreviation for International Commercial terms--are a series of sales terms.

They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions. In addition to providing a set of rules for the interpretation of commonly used trade terms, Incoterms; 2010 accomplish the following:

1. Significantly revises Group D listed in Incoterms; 2000;
2. Reduce Incoterms from four groups to two groups, allowing trade experts to choose the most suitable rule related to the mode of transport; and
3. Reduce the absolute number of Incoterms from 13 to 11. Moreover, Incoterms; 2010 offer additional guidance which assists users in selecting the most appropriate Incoterm for each transaction.

The revised terms also spell out rules regarding the use of electronic procedures; detail information on security-related clearances for shipments; and offer advice with respect to domestic trade.

To learn more, check out this webinar on Incoterms