INCO Terms

INCO Terms

First published by International Chambers of Commerce (ICC) in 1936, Incoterms® rules provide internationally accepted definitions and rules of interpretation for most common commercial terms used in contracts for the sale of goods. Launched in mid-September 2010, Incoterms® 2010 came into effect on 1 January 2011. The trade terms help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers.

INCOTERMS® 2010 QUICK REFERENCE CHART

Notes: 1 – Incoterms® 2010 do not deal with the parties’ obligations for stowage within a container and therefore, where relevant, the parties should deal with this in the sales contract.
2 – FCA Seller’s Facility – Buyer pays inland freight; other FCA qualifiers. Seller arranges and loads pre-carriage carrier and pays inland freight to the “F” delivery place
3 – Incoterms® 2010 does not obligate the buyer nor must the seller to insure the goods, therefore this issue be addressed elsewhere in the sales contract.
4 – Charges paid by Buyer or Seller depending on contract of carriage.
5 – Charges paid by Seller if through Bill of Lading or door-to-door rate to Buyer’s destination

Source & Notes: for INCO terms

Incoterms® is a registered trademark of the international chamber of commerce. This document is not intended as legal advice but is being provided for reference purposes only. Users should seek specific guidance from incoterms® 2010 available through the international chamber of commerce at www.iccbooks.com.