2010 Incoterms Come into Force January 1, 2011

(CIFFA eBulletin)

Incoterms are trade definitions used mostly in international business. First devised and published by the International Chamber of Commerce (ICC) in 1936, Incoterms (international commercial terms) are recognizable worldwide as a binding description of the buyer’s and seller’s responsibilities for across border sales contracts.

Incoterms rules are particularly important in that they help traders avoid misunderstandings by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods. Since the last revision in 2000, much has changed in global trade. Cargo security, for example, is now at the forefront of the transportation agenda of numerous countries. In addition, the United States’ Uniform Commercial Code was revised in 2004, resulting in a deletion of U.S. shipment and delivery terms.

Incoterms 2010 will be even more concise and relevant and will reflect the changes mentioned above and many others. Available through the Canadian Chamber of Commerce’s ICC Canada’s Bookstore this fall, Incoterms 2010 will enter into force as of January 1, 2011. Incoterms 2010, as well as other valuable ICC publications can be purchased through the Canadian Chamber’s at ICC Canada’s Bookstore. For more information please contact Angela Roy, (613) 238-4000 ext. 265.