ICC publishes Incoterms guide

The International Chamber of Commerce (ICC) has published the ICC Guide to Incoterms 2010 to serve as a practical resource for users of these rules, which are applied by companies for countless business transactions worldwide.

The latest edition of the rules, set forth in ICC's book Incoterms 2010, came into effect in January 2011 and takes into account developments in global trade since the rules were last revised in 2000. While contracts for the sale of goods incorporating earlier versions of the Incoterms rules are still viable, it is suggested that users refer to Incoterms 2010 for new transactions.

The new version has been modified to ensure that the Incoterms rules clearly and accurately reflect present-day trade practices. The number of rules has been reduced from 13 to 11 and two new rules have been created: Delivered at Terminal (DAT) and Delivered at Place (DAP). "The Guide is an essential support tool for users of the Incoterms rules, which are the world standard in contracts for the sale of goods worldwide," said ICC Senior Policy Manager and Secretariat to the Incoterms 2010 Drafting Group Emily O'Connor.