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History of INCOTERMS 2010
Transcript of History of INCOTERMS 2010
Written for the first time in 1936 by the International Chamber of Commerce (ICC)
International Rules for the Interpretation of Trade Terms
Incoterms homogenize the vocabulary in trade and thus help avoid disputes between the seller and the buyer.
Depending on the choice of Incoterms, we can know who is doing what in the transport of goods, which pays for the transportation, which provides goods and from any geographic location.
Incoterms define with precision the obligations of the seller and the buyer in terms of benefits, risks and costs.
11 Nos of
The International Chamber of Commerce has released the table of contents to the INCOTERMS 2010. Incoterms 2010 consists of only 11 Incoterms, a reduction from the 13 Incoterms 2000. The Incoterms 2010 are organized into two categories:
HISTORY OF INCOTERMS
First published in 1936, the Incoterms rules have been periodically updated, with the eighth version—Incoterms 2010—having been published on January 1, 2011. "Incoterms" is a registered trademark of the ICC.
The Incoterms rules genesis can be traced to 1921, with the formation of the idea by the International Chamber of Commerce.
In 1936, the first set of the Incoterms rules was published. The first set remained in use for almost 20 years, before the second publication in 1953. Additional amendments and expansions followed in 1967, 1976, 1980, 1990, and 2000.
The 8th and current version of the Incoterms rules—INCOTERMS 2010—was published on January 1, 2011
By Neel Wimalasena
Why Incorterms Required in International Trade
Incoterms for any Mode or Modes of Transport:
EXW - Ex Works
FCA - Free Carrier
CPT - Carriage Paid To
CIP - Carriage and Insurance Paid
DAT - Delivered At Terminal (new)
DAP - Delivered At Place (new)
DDP - Delivered Duty Paid
Incoterms for Sea and Inland Waterway
FAS - Free Alongside Ship
FOB - Free On Board
CFR - Cost and Freight
CIF - Cost, Insurance and Freight