New Incoterms 2010 To Become Effective January 1, 2011


On January 1, 2011, the new Incoterms 2010 published by the International Chamber of Commerce (ICC) will go into effect, reflecting developments in international trade within the last decade such as the increased use of electronic documentation and heightened global concerns about cargo security. Incoterms, similar to Uniform Commercial Code (UCC) provisions such as Free on Board (FOB) and Free Alongside Ship (FAS), are trade rules that are used to clarify the rights and obligations of parties with respect to the delivery of goods. However, Incoterms are used primarily in an international context, while the UCC generally applies to domestic sales of goods. Incoterms 2010 is the eighth revision of the Incoterms rules, supplementing the prior revision to the rules in 2000.

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