Incoterms® 2010

In 2010, the International Chamber of Commerce (ICC) updated the previous version of INCOTERMS (2000) in order to adapt these commercial tools to the new global and computerized economy as well as to evolutions of transport and logistics. These rules have been applied since January 1st, 2011. A new version of Incoterms Guide was issued by Smeci and written by an expert, Michel Piquet. The purpose of this new version is to offer a simpler lecture of these rules to professionals, students, and curious people.
Here is the on-line version.

- Definition
- Changes in 2010


Definition of INCOTERMS

INCOTERMS (International Commercial Terms) define the seller and buyer’s obligations in a commercial transaction. They aim to fix some international and homogeneous rules by inserting contractual dispositions mainly used in external trade contracts. We can therefore avoid or at least significantly limit uncertainties surrounding controversial interpretations of some clauses in different countries.
These rules have been created by the ICC in 1936 and have been then regularly updated according to the use. Whether these rules are not mandatory, they are valuable assets to international commerce operators. INCOTERMS indicate precisely the obligations, distribution of expenses and risks relevant to goods delivery by seller to buyer. Export or import activities mean a physical movement of goods that may generate risks and expenses. The purpose is to determine precisely who supports the risks and expenses and to know exactly to what extent risks and expenses are supported by each part.
INCOTERMS rules precise the meaning of a range of commercial terms, each of them been composed of three letters followed by the name of a place, port, etc.. The main goal of these rules is to clarify to what extent the seller has met his obligations and delivered goods to the buyer in the legal sense.
When the place of transfer is known, the seller can then add to the price, and therefore to the invoice, all expenses related to transport or other outgoing costs (consular, customs and tax formalities) to the point priorly agreed. The buyer knows then the expenses that fall on him, which were not included in the previous invoice. The risk transfer place is extremely important as far as it allows to determinate to what extent the transport risk is assumed by the buyer or the seller. The delivery begins at this point.

The 11 INCOTERMS (click for more details)
EXW (Ex Works)
FCA (Free Carrier)
CPT (Carriagepaidto)
CIP (Carriage and insurancepaidto)
DAT (Delivered at terminal)
DAP (Delivered at place)
DDP (Delivereddutypaid)
FAS (Free alongsideship)
FOB (Free onboard)
CFR (Cost and freight)
CIF (Cost, insurance and freight)

Extract from Guide des Incoterms 2010, written by Michel Piquet and published by SMECI for L'Antenne.

What has changed in 2010

INCOTERMS now have to be regarded as commercial rules. They are now classified in two parts :
Rules applicable to every mode of transport (EXW, FCA, CPT, CIP, DAT, DAP, DDP)
Rules for maritime and fluvial transport (FAS, FOB, CFR, CIF)
The new structure presents 11 rules instead of 13 before (INCOTERMS 2000). Two new INCOTERMS have appeared:
DAT (Delivered at Terminal) and DAP (Delivered at Place). They replace DEQ and DAF, DES and DDU respectively. The new 2010 version confirms that FAS, FOB, CFR and CIF do not fit container or ship carrier transport. These rules appropriate with maritime way are then reserved to bulk transport and conventional freight.
New INCOTERMS take into account the dematerialization of documents and allow then very clearly that every new document could be a file or an equivalent electronic procedure. Evolutions of transport techniques (containerization, grouping, multimodal transport, etc.) are also incorporated.

Tags : cfr, cif, cip, cpt, dap, dat, ddp, exw, fas, fca, fob, incoterms, smeci


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Qu'est-ce que L'Antenne ?

Le site internet de L'Antenne est la première plateforme B2B française de services et d’actualité consacrée au secteur du transport et de la logistique. Quotidiennement nous traitons de l’actualité du fret maritime, aérien, routier, fluvial, ferroviaire et multimodal ainsi que de la logistique, de l'industrie, de l'énergie et des matières premières. Nous apportons aux professionnels des outils et services qui facilitent leur travail et aident à la prise de décisions. Chaque année, nous éditons des guides de référence dans le secteur : "Le Fret aérien pratique" et "Le Fret maritime pratique" en plus de notre guide pratique des Incoterms©. L'Antenne est aussi organisateur de salons sur les thématiques du transport multimodal de fret, de l’export et de la logistique.

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