Author/Source: International Chamber of Commerce (ICC)
Year of adopting/publication: Since their first issuance in 1936, they are constantly updated. The current verision of 2010 entered into effect on 1 January 2011.
Link to the document on the internet: The ICC Incoterms publication is available from the ICC bookstore at the ICC website
Purpose: the purpose of Incoterms is to provide a set of international rules for the interpretation of the most commonly used trade terms in international sale contracts. Devised and published by ICC, they are at the heart of world trade.
Summary:Trade terms are used to indicate the division of tasks, costs and risks in the delivery of goods from a seller to a buyer. Thus, through the use of Incoterms the uncertainties of different interpretations of such terms in different countries can be mitigated. Among the best known Incoterms are EXW (EX works), FOB (Free on Board), CIF (Cost, Insurance and FreighT), DDP (Delivered Duty Paid) and CPT (Carriage paid to).The ICC developed the Incoterms along with Guidance Notes for each Incoterms 2010 rule, explaining the fundamentals of each Incoterms rule, such as when it should be used, when risk passes, and how costs are allocated between seller and buyer. Further information is available on the ICC website.The abbreviations of Incoterms 2010 are provided by UNECE Recommendation 5.
Pages that cite the ICC INCOTERMS: