Incoterms 2010 to Include Two New Incoterms, DAP and DAT
Last week we announced that the new version of Incoterms®, Incoterms 2010, is on track to go into effect on January 1, 2011.
Since that post, International Trade Law News has learned that the International Chamber of Commerce has released the table of contents to the Incoterms 2010 book which confirms that Incoterms 2010 will consist of only 11 Incoterms, a reduction from the 13 current Incoterms 2000.
The Incoterms 2010 are organized into two distinct categories and will include the following Incoterms:
Incoterms for any Mode or Modes of Transport:
EXW - Ex Works
FCA - Free Carrier
CPT - Carriage Paid To
CIP - Carriage and Insurance Paid
DAT - Delivered At Terminal (new)
DAP - Delivered At Place (new)
DDP - Delivered Duty Paid
Incoterms for Sea and Inland Waterway Transport Only:
FAS - Free Alongside Ship
FOB - Free On Board
CFR - Cost and Freight
CIF - Cost, Insurance and Freight
The reduction in Incoterms from 13 to 11 different terms was accomplished by substituting two new Incoterms, DAT (Delivered at Place) and DAP (Delivered at Place) for DAF (Delivered at Frontier), DES (Delivered Ex-Ship), DEQ (Delivered Ex-Quay) and DDU (Delivered Duty Unpaid).
Incoterms 2010 will also address duties to provide information regarding security-related clearances, such as Importer Security Filings and other chain-of-custody information.
Contrary to some predictions, Incoterm FAS will remain in Incoterms 2010 since that Incoterm is important in bulk and break-bulk trade.
Labels: Incoterms
|posted by Douglas N. Jacobson| Permalink 
