The International Chamber of Commerce ("ICC") have
published a series of predefined commercial terms which are used
for, and which are aimed at, assisting transacting parties to
unambiguously and efficiently communicate some of the terms
applicable between the buyer and seller.
These commercial terms (referred to as
"Incoterms" or
"International Commercial Terms') are
nothing more than a series of three letter acronyms. The letters in
the acronyms signify and communicate concepts such as–
- who is responsible for a task;
- who carries the costs of the
transportation and insurance (and to what extent); and
- where the risk will pass.
Incoterms 2010 is the eighth set of Incoterms published by the
ICC (with the first of them being published in 2000). Over the
years, Incoterms have been added, deleted and updated culminating
in the Incoterms 2010 as the most recent version. Incoterms 2010
consists of 11 pre-defined terms, subdivided into two categories
(based
