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29th August 2014 06:03:32 PM

Incoterms 2011

Incoterms or INternational COmmercial terms are a series of international sales terms, published by International Chamber of Commerce (ICC) and widely used in international commercial transactions. These are accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade. This reduces or removes altogether uncertainties arising from different interpretation of such terms in different countries. Scope of this is limited to matters relating to rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold. They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. The first version was introduced in 1936 and the present dates from 2000.

As of January 1, 2011 the eighth edition, Incoterms 2010,[1][2] have effect. The changes therein affect that all of the five terms in section D are obsoleted and replaced with these three: DAT (Delivered at Terminal), DAP (Delivered at Place), and DDP (Delivered Duty Paid). The new terms apply to all modes of transport.

 

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