Incoterms 2010

The International Chamber of Commerce (ICC) has announced the launch of the new rule changes to Incoterms® 2010 which will be kicked off during a September event in Paris. The official implementation of the new rules are scheduled to take place during January of 2011. This revision, the first since 2000, will aim to adapt changes that have occured in global trade over the last ten years. According the ICC website, the reason for the changes include: “The importance of cargo security, the resulting new obligations on traders, developments in container transport, and the 2004 revision of the United States’ Uniform Commercial Code, which resulted in a deletion of the former US shipment and delivery terms.” Although the book has not been officially released, details on the ICC website show that the most glaring changes to the 2010 version will be the elimination of 4 Incoterms® including, DDU, DEQ, DES, and DAF. Two new terms will be added; DAT and DAP, bringing the new total of Incoterms® to 11. Incoterms® 2010 will be arranged into the following groups:

Any Mode of Transport

CIP – Carriage and Insurance Paid
CPT – Carriage Paid To
DAP – Delivered At Place
DAT – Delivered At Terminal
DDP – Delivered Duty Paid
EXW – Ex Works
FCA – Free Carrier

Sea and Inland Waterway Transport Only

CFR – Cost and Freight
CIF – Cost, Insurance and Freight
FAS – Free Alongside Ship
FOB – Free On Board