Incoterms 2010 Take Effect January 1st, 2011

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

The book contains complete details and is available now.

Book: Incoterms 2010