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Incoterms

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INCOTERMS (International Commercial Terms) are an array of international sales terms, published by the International Chamber of Commerce (ICC) and they are widely used in the international commercial business contracts. They have been accepted by the governments, legal authorities and experts around the globe for interpreting the most frequently used terms in the international commerce. This reduces i.e. eliminates the insecurities resulting from the different interpretations of these terms in different countries. These terms limit the questions regarding the rights and obligations of the contractual parties with regard to the delivery of the sold goods. They are used to split costs and obligations between the purchaser and seller and reflect on the state-of-the-art transport practices. They correspond closely to the United Nations Convention on Contracts for the International Sale of Goods. The first version was introduced in 1936 and currently the version from 2000 applies. The eighth edition of INCOTERMS 2010, (1) (2), of 1 January 2011 is effective. The changes therein affect all five terms listed in section D, which are now outdated and replaced with the following three:

  • THAT (Delivered at Terminal)
  • DAT/DAP (Delivered in place)
  • DAT / DDP (Delivered Duty Paid)