EXCHANGE

 
 
 
 
INCOTERMS 2010
 

INCOTERMS 2010

(Validity: January 1, 2011)

ICC published Incoterms 2010 revision on September 27, 2010. Aforementioned revision had come into effect as of January 1, 2011. INCOTERMS is a term that is formed by combining words such as international, commercial and terms. INCOTERMS is prepared by ICC (International Chamber of Commerce).

In Incoterms 2010, types of delivery are reduced from 13 to 11.  
Four delivery types are abolished and two new delivery types are formed.

Delivery Types That Are Used in All Transportation Modes:

EXW

Ex Works

FCA-

Free Carrier

CPT-

Carriage Paid To

CIP-

Carriage and Insured Paid To

DAT- (NEW

Delivered At Terminal

DAP- (NEW)

Delivered At Place

DDP-

Delivered Duty Paid

Delivery Types That Are Used Only in Sea Transportation and Inland Waterway Transportation: 

FAS-

Free Alongside Ship

FOB-

Free On Board

CFR-

Cost and Freight

CIF-

Cost, Insurance And Freight

Only CIP and CIF delivery types foresee that seller should insure his goods.

IN SUMMARY:

(DDU, DES, DEQ AND DAF THAT WERE IN INCOTERMS 2000 WERE ABOLISHED, AND DAT AND DAP DELIVERY TYPES WERE ADDED TO INCOTERMS 2010 WHICH ENTERED INTO FORCE ON JANUARY 1, 2011.)