New Incoterms on deck

Incoterms users, it’s time to take note: the International Chamber of Commerce (ICC) is soon revising its rules for the standard terms used in contracts for the sale of goods.

A new set of rules—called Incoterms 2010—will be launched in September 2010. They will come into effect on January 1, 2011.

The ICC updates its Incoterms about once a decade to reflect expansions of world trade and globalization. The last revision occurred in 2000.

Since then, a lot has changed, according to the Canadian Chamber of Commerce (CCC).
The revised Incoterms factor in issues like new cargo security rules and electronic documentation.

The revisions were prepared by an international committee of eight ICC-appointed experts.

In a recent bulletin, Customs broker Livingston International advised industry stakeholders to be proactive in getting to know the new rules.
“Shippers, credit executives and others involved in international trade need to familiarize themselves with imminent changes to the global rules governing terminology used in international sales contracts,” the bulletin reads.

Interested parties can pre-order the Incoterms 2010 publication through the CCC website.

In addition, the US Council for International Business (USCIB) and the ICC are planning seminars beginning in September to explain the changes.