Updated Information on Incoterms 2010
As indicated in previous posts, Incoterms®2010 will be released in September and will go into effect on January 1, 2011. The following is some additional information on Incoterms 2010 provided by Frank Reynolds, the U.S. delegate to the Incoterms 2010 drafting committee:
1. There will be eleven Incoterms 2010 rules (see below for complete list). Four rules have been deleted while two new rules have been created.
2. Many National Committees (including the U.S.) reported being asked the same questions time after time – such as where Incoterms rules address ownership (note that Incoterms do not address transfer of title/ownership). Since these were covered in the Introduction to Incoterms 2000, it became obvious that many people didn’t bother reading it. Thus, the Introduction to Incoterms 2010 has been reduced and guidance notes have been provided for each rule.
3. Key terminology is now defined in relation to its use in Incoterms rules in the now-abbreviated Introduction.
4. There will be illustrations along with the rules themselves.
5. The delivery point for three rules has been changed.
6. One of the new rules specifically remedies a potential problem with the use of Incoterms 2000 in domestic trade.
Persons located in the U.S. can preorder and purchase the Incoterms 2010 book at the ICC USA's website found here. Persons located in Europe can order the Incoterms 2010 book at the ICC's website.
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Summary of Incoterms 2010
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).
Labels: Incoterms
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