Incoterms 2010 (International commerce terms) - international rules on the interpretation of the most widely used trade terms in the field of foreign trade. International trade terms are standard terms of the contract of international sale which are defined in advance in an internationally recognized document. Effective from January 1, 2011.
On September 16, 2010, the International Chamber of Commerce announced the release of a new edition on the use of national and international trade terms. The Incoterms 2010 rules reflect the current trends in the development of international trade that have evolved since the last edition of the Rules in 2000. The total number of terms has been reduced from 13 to 11. Also in the Rules there are 2 new terms: DAT (Delivery at the terminal) and DAP (Delivery in the item).
In addition, the new version contains a small guide to each term to help users of the Incoterms 2010 Rules choose the desired term. Each term Incoterms 2010 (Incoterms 2010) is an abbreviation of three letters. Terms can be divided into 4 groups:
Group E - Departure place:
EXW. Ex Works (indicated location): goods from the seller's warehouse.
Group F - Basic Carriage Unpaid:
FCA. Free Carrier (specified location): the goods are delivered to the carrier of the customer.
FAS. Free Alongside Ship (the port of loading is indicated): the goods are delivered to the ship of the customer.
FOB. Free On Board (the loading port is indicated): the goods are loaded onto the ship of the customer.
Group C - Basic Carriage Paid:
CFR. Cost and Freight (the port of destination is indicated): the goods are delivered to the customer's port (without unloading).
CIF. Cost, Insurance and Freight (the port of destination is indicated): the goods are insured and delivered to the customer's port (without unloading).
CPT. Carriage Paid To (indicated destination): the goods are delivered to the carrier of the customer in the specified place of destination
CIP. Carriage and Insurance Paid to (indicated destination): the goods are insured and delivered to the carrier of the customer at the specified place of destination
Group D - Delivery (Arrival):
DAP. Delivered at Place: Delivered at destination
DAT. Delivered at Terminal: Delivery on the terminal
DDP. Delivered Duty Paid (indicated destination): the goods are delivered to the customer, cleared of duties and risks