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    Incoterms

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    Israel Espinoza
    The International Chamber of Commerce has completed the eighth revision of the International Commercial Terms (Incoterms). The new version, called Incoterms 2010, will take effect on January 1, 2011. Key changes include removing the terms DAF, DES, DEQ, and DDU, and adding the new terms DAT and DAP. DAT means the seller delivers goods to a named terminal at the destination port, while DAP means delivery at the named place of destination. Changes were also made to the rules for existing terms like FOB, FAS, CPT, and CIF.

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    Incoterms

    Uploaded by

    Israel Espinoza
    78 views2 pages
    The International Chamber of Commerce has completed the eighth revision of the International Commercial Terms (Incoterms). The new version, called Incoterms 2010, will take effect on January 1, 2011. Key changes include removing the terms DAF, DES, DEQ, and DDU, and adding the new terms DAT and DAP. DAT means the seller delivers goods to a named terminal at the destination port, while DAP means delivery at the named place of destination. Changes were also made to the rules for existing terms like FOB, FAS, CPT, and CIF.

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    The International Chamber of Commerce has completed the eighth revision of the International Commercial Terms (Incoterms). The new version, called Incoterms 2010, will take effect on January 1, 2011. Key changes include removing the terms DAF, DES, DEQ, and DDU, and adding the new terms DAT and DAP. DAT means the seller delivers goods to a named terminal at the destination port, while DAP means delivery at the named place of destination. Changes were also made to the rules for existing terms like FOB, FAS, CPT, and CIF.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    78 views2 pages

    Incoterms

    Uploaded by

    Israel Espinoza
    The International Chamber of Commerce has completed the eighth revision of the International Commercial Terms (Incoterms). The new version, called Incoterms 2010, will take effect on January 1, 2011. Key changes include removing the terms DAF, DES, DEQ, and DDU, and adding the new terms DAT and DAP. DAT means the seller delivers goods to a named terminal at the destination port, while DAP means delivery at the named place of destination. Changes were also made to the rules for existing terms like FOB, FAS, CPT, and CIF.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Incoterms 2010 Update

    The International Chamber of Commerce (ICC) has completed the eighth revision of the
    International Commercial Terms (Incoterms). The new version called Incoterms 2010 will start
    to apply from 01 January 2011.

    Global AFR and OFR product is currently working on an e-learning course that will go further
    into details of the different terms. In the meantime here is an extract of the primary changes to
    the Incoterms.

    So what are the changes to Incoterms 2010

    Removed terms:
    DAF, DES, DEQ and DDU

    New Incoterms:

    DAT and DAP

    DAT (Delivered at Terminal… named place destination)

    - This means the seller delivers (or meets their obligation) when the goods is unloaded from
    the arriving means of transportation and are placed at the disposal of the buyer at a named
    terminal at the named port or place of the destination. Terminal includes any place, such as
    quay, warehouse, container yard or road, rail or air cargo terminal.
    - The seller bears all risks involved in bringing the goods to and unloading them at the terminal
    at the named port or place of destination.
    - If the seller should bear the risks and costs involved in transporting and handling the goods
    from the terminal to another place, then DAP or DDP should be used
    - DAT requires the seller to clear the goods for export, but has no obligation to clear the goods
    for import or pay any duty or carry out import customs formalities

    - DAP (Delivered at Place… named place destination)


    - The seller delivers when the goods are placed at the disposal of the buyer on the arriving
    means of transport, ready for unloading at the named place of destination.
    - The seller bears all risks involved with bringing the goods to the named place.
    - If the seller incurs costs for unloading under its contract of carriage, it cannot recover that
    from the buyer unless otherwise agreed upon between the parties.
    - DAP requires the seller to clear the goods for export but has no obligation to clear goods for
    imports, or pay duty or carry out import customs formalities.

    Changes of rules to existing terms:

    FOB and FAS

    - No major changes to the general definition and rules.


    - “Ship’s Rail” terminology is no longer mentioned for FOB the reference is now “loaded on
    board the vessel”.
    - The transfer of Risk now follows the transfer of Cost.
    - FOB is no longer recommended for containerized shipments because these are meant for
    cargo that are truly delivered by the seller (or appointed agent/trucker) to the actual vessel
    side. Containers are now considered delivered once they are gated-in the port and then are
    staged into a slot for loading later and therefore Incoterms do not really apply.

    CPT and CIP

    - If the cost of unloading is part of the freight arrangement the buyer should not pay for this.
    - The seller should inform the buyer on what is included in the seller’s freight agreement with
    the transporting company.
    CFR and CIF

    - If the cost of unloading is part of the freight arrangement the buyer should not pay for this.
    - The seller should inform the buyer on what is included in the seller’s freight agreement with
    the transporting company.

    Comparison list (Incoterms 2000 versus 2010)

    Incoterms 2000 Incoterms 2010


    EXW – Ex Works EXW – Ex Works
    FCA – Free Carrier FCA – Free Carrier
    FAS – Free Alongside Ship FAS – Free Alongside Ship
    FOB – Free On Board FOB – Free On Board
    CFR – Cost and Freight CFR – Cost and Freight
    CIF – Cost Insurance and Freight CIF – Cost Insurance and Freight
    CPT – Carriage Paid To CPT – Carriage Paid To
    CIP – Carriage and Insurance Paid to CIP – Carriage and Insurance Paid to
    DAF – Delivered At Frontier DAT – Delivered At Terminal
    DES – Delivered Ex Ship DAP – Delivered At Place
    DEQ – Delivered Ex Quay DDP – Delivered Duty Paid
    DDU – Delivered Duty Unpaid
    DDP – Delivered Duty Paid

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