Incoterms (ICC)

Incoterms® (ICC)

2010:  Most recent version, entry into force on January 1st, 2011

Previous versions: 1990, 2000

These are the ICC’s official Incoterms® rules to be used as national and international trade terms. Incoterms® facilitate the transaction of world trade. They clearly identify and define the respective obligations of each of the parties in the trade, the Seller and the Buyer, for the delivery of goods specified in a sales contract; they greatly contribute to the reduction of inherent risks of legal disputes. Incoterms® essentially point out the obligations, costs and risks in relation to the sale and delivery of goods between a Seller and a Buyer.

The 2010 Incoterms®, of which there are 11, take the following aspects into consideration: globalisation reality, security, the national trade context, growing economic areas, electronic information, aid (assists) between the parties and its fair remuneration, and transport changes.   A positive element, Incoterms® clearly establish the point of transfer of risks as being either the place of loading/pick-up or the place of destination.

To know more, read entire article: The new ICC Incoterms® 2010 – ICRIQ.com, April 2011

Our interventions regarding Incoterms® would target such areas as:

Targeted elements in Incoterms®

  • The notions of “Seller” and “Buyer”
  • “Obligations” of parties (“Seller” and “Buyer”)
  • Customs formalities (import and/or export)
  • Documentation
  • Delivery
  • Transportation and cargo insurance
  • Checking and inspection of goods, packaging, markings
  • Risk transfer points : identification of the named place of delivery (risks of loss or of damage to the goods until they have been delivered in accordance to term)
  • Distribution of costs and fees

Management elements

  • Training, Support (coaching)
  • Strategy, Management, Support

IncoBoard© : Incoterms® 2010 – Obligations and responsibilities (Costs) – ICRIQ.com, April 2011

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