Incoterms Revisions Released

Incoterms

On September 16, 2010, the International Chamber of Commerce (ICC) officially released revisions to its international commercial terms, also known as Incoterms. 

Incoterms are generally revised every decade to reflect changes in trade practices. In the 2010 revision, the number of terms was reduced from 13 to 11. Terms Delivered at Frontier (DAF), Delivered Ex Ship (DES), Delivered Ex Quay (DEQ), and Delivered Duty Unpaid (DDU) have been eliminated. Two new terms have been added: Delivered at Terminal (DAT) and Delivered at Place (DAP). According to ICC, these terms attempt to better account for the role of cargo security and electronic data interchange now prevalent in international trade practices.

The new terms go into effect on January 1, 2011. A copy of the revised terms is available for purchase on ICC website.