New Incoterms 2010
As of 1 January 2011, new Incoterms will apply replacing the 2000 version. They have been drawn up to reflect changes in international trade, security concerns, e-commerce and the increase in e-communications, as well as the spread of customs-free areas.
Much emphasis has also been placed on making Incoterms easier to understand, and for that reason a few key changes have been made.
For a full summary of the changes, please contact your usual broker at FP Marine Risks or email email@example.com
Here is a brief overview of some of the key changes:
Two categories of rules
The rules now come in two categories:
1. Rules for any mode of transport
2. Rules for sea and inland waterway transport
Number of ‘D’ terms reduced
DAF, DES, DEQ and DDU have all been abolished and replaced with:
DAT – Delivered at Terminal (replaces Delivered Ex Quay)
DAP – Delivered at Place (replaces Delivered At Frontier, Delivered Duty Unpaid and Delivered Ex Ship).
A fifth ‘D’ term, Delivered Duty Paid, remains unchanged.
The rules and terminology relating to insurance for the transport of goods have been harmonised with the 2009 Institute Cargo Clauses.
The rules now provide specific obligations for the buyer and seller to supply the other party with information or to provide assistance in obtaining security related import, export and transport documentation.
Terminal Handling Charges
The rules have been amended so that the risk of the buyer being charged twice for terminal handling costs is minimised.
The new rules allow for paper communication or an “equivalent electronic record or procedure” where agreed or customary, “customary” meaning that in some cases parties will be unable to refuse electronic communications (for example, email).
Previously the Incoterms meant that the seller had to theoretically ‘ship’ the goods, notwithstanding that the goods were being bought and sold on the high seas. The new rules allow for a seller to ‘procure goods shipped’ and not just to ‘ship’ the goods, in line with existing commercial practice.
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