Incoterms 2010

• Introduction
• Removal of terms and introduction of new terms
• Categorisation
• Insurance
• Anicillary issues
• Changes to specific terms
• Conclusion

Introduction

The risks attached to international trade are considerable and for business terminology to be effective, phrases must mean the same thing throughout the industry. That is why the International Chamber of Commerce created the Incoterms in 1936 and have updated them periodically with the current version being Incoterms 2010 coming into force from 1 January 2011.

The 2010 version of the Incoterms has been designed to take into account the spread of customs-free zones, the increase in use of electronic communications, heightened security concerns and the increase in use of door-to-door logistics.