Incoterms® 2010

The new Incoterms® 2010; rules, which entered into force on 1 January 2011, define in a set of three letter trade terms, the risks and responsibilities of buyers and sellers in an international sales contract. Containing revised definitions and interpretation of rules to provide greater clarity and precision, Incoterms 2010 includes:

Extensive guidance notes explaining the fundamentals of each Incoterms rule, such as when it should be used; when risk passes; and how costs are allocated between buyer and seller

• New classifications to help choose the most suitable rule in relation to the mode of transport
• Advice for the use of electronic procedures
• Provisions for the allocation of obligations related to security‐related clearances for shipments
• Updated provisions in relation to insurance taking into account the revision of Institute of Cargo Clauses
• Enhanced usability for domestic trade.