January 25, 2010 // More user-friendly Incoterms

Michelle Sardella

If you're one of the many business professionals that find Incoterms confusing and difficult to understand then you are in luck.

The International Chamber of Commerce's Incoterms committee is now drafting an update to the current version with an emphasis on making them more user-friendly.

The new version, Incoterms 2010, will go into effect in 2011.

Though final revisions have yet to be made, some general details about the new version have been released.

The current version, Incoterms 2000, includes 13 terms. The 2010 version will have less than 13.

Ocean-only terms will be more clearly distinguished from terms that apply to all transportation modes.

Cargo security will be addressed.

The explanation of each Incoterms purpose (known as the preamble) will be easier to understand.

Related

Incoterms Update: Revision No. 8
Journal of Commerce

Incoterms 2010 Likely to Take Effect in January 2011
International Trade Law News