Launched by the International Chamber of Commerce (ICC) as the first revision to the system in a decade, Incoterms 2010 came into force on 1 January 2011.
Incoterms continue to enable traders to make clear who is responsible for the goods at each point of the transport process in buyer or seller contracts.
The latest Incoterms reflects traders' increased obligations to cargo security rules, new means of container transport, and to take updates to the United States' Uniform Commercial Code into account.
Incoterms 2010 also contain extra guidance for traders, including help with choosing electronic procedures, ways to deal with the new laws on security clearances for shipments and updated methods of dealing with insurance, as well as increased usability for domestic moving of goods.
The latest Incoterms operate as follows as of 1 January 2011:
Any mode of transport:
- CIP - Carriage and Insurance Paid
- CPT - Carriage Paid To
- DAP - Delivered At Place
- DAT - Delivered At Terminal
- DDP - Delivered Duty Paid
- EXW - Ex Works
- FCA - Free Carrier
Sea and inland waterway transport (only):
- CFR - Cost and Freight
- CIF - Cost, Insurance and Freight
- FAS - Free Alongside Ship
- FOB - Free On Board.
The ICC Incoterms 2010 product code is 715, with an ISBN9789284200801.