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ARTICLE · 09 DECEMBER 2010

Incoterms Updated

On 1 January 2011 Incoterms 2010 (ICC Publication No. 715) will enter into force, although there is nothing preventing their immediate use, should the parties wish to do so.

United KingdomInternational Law
Patric McGonigal
Patric McGonigal
Caroline Brader-Smith
Caroline Brader-Smith
Eurof Lloyd-Lewis
Eurof Lloyd-Lewis
Alexander Sandiforth
Alexander Sandiforth

On 1 January 2011 Incoterms 2010 (ICC Publication No. 715) will enter into force, although there is nothing preventing their immediate use, should the parties wish to do so. The foreword states that the changes are designed to "take account of the continued spread of customs-free zones, the increased use of electronic communications in business transactions, heightened concern about security in the movement of goods and changes in transport practices".

The ICC has recognised that Incoterms 2000 have been increasingly used for purely domestic sales and that trade blocs have made border formalities less significant. Accordingly, the cover of Incoterms 2010 now refers to the "ICC Rules for the Use of Domestic and International Trade Terms" and the rules now state that the compliance with export/import formalities is only required where applicable. This ties in with changes to the Commercial Code in the USA and is designed to encourage the use of Incoterms in that part

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