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The International Commercial Terms (commonly referred to as the "Incoterms") are a standardised set of trade terms published by the International Chamber of Commerce ("ICC") for use in international sales contracts. The first version of Incoterms was published in1936. Since their introduction, Incoterms have become the international standard in a wide variety of international sales contracts, including contracts for the sale of LNG, uranium, coal and copper. It should be noted that Incoterms can also be used in domestic sales contracts.
Incoterms are periodically updated to reflect developments in international trade and commercial practice. The latest version (the eighth version) is Incoterms 2010, which came into force on1 January2011 and revised Incoterms2000. The difference between the2000 and the2010 version is the number of Incoterms has been reduced from13 to11. Four Incoterms (DAF, DES, DEQ, DDU) have been replaced by two new Incoterms (DAT , DAP). The replaced Incoterms DAF, DES and DEQ were not used much in day to day trading.
it is the International Commercial terms, which is defined who will be the responsible of the freight, insurance and customs charges for the shipments.
Incoterms are international commercial terms and they are defined by International Chamber of commerce. They define the ownership of goods when goods are traveled across borders. As certain uncontrollable costs and events can take place, there needs to be clarity in terms of who will bear the responsibility of goods and costs as they happens.
Incoterms2000 and Incoterms2010 are two versions and refer to year in which they were released. some terms are added and modified in these two versions.
