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INCOTERMS 2010
According to the International Chamber of Commerce, the new INCOTERMS 2010 will replace INCOTERMS 2000 starting next year. The total number of standard delivery terms and conditions will decrease to 11, of which 9 will remain unchanged, 4 will be cancelled and 2 will be new.
The following standard delivery terms will be used starting from 2011:
| EXW (Ex Works) … named place | All types of transportation |
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FCA (Free Carrier) … named place |
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CPT (Carriage Paid To) … named port of destination |
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CIP (Carriage and Insurance Paid To) … named place of destination |
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DAT (Delivered At Terminal) … named port of destination |
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DAP (Delivered At Place) … named place of destination |
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DDP (Delivered Duty Paid) … named place of destination |
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FAS (Free Alongside Ship) … named port of shipment |
Water transport |
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FOB (Free On Board) … named port of shipment |
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CFR (Cost and Freight) … named port of destination |
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| CIF (Cost, Insurance and Freight) … named port of destination |
The following standard terms that appeared in INCOTERMS 2000 will be cancelled: DDUAs shown in the table above, the new terms will be divided into two sections: the first set of terms governs all types of transportation and the second set of terms governs sea and inland waterway transport. (Delivered Duty Unpaid), DAF (Delivered At Frontier), DES (Delivered Ex Ship) and DEQ (Delivered Ex Quay). In addition, the terms DAT (Delivered At Terminal) and DAP (Delivered At Place) will be added.
With the new INCOTERMS 2010, customers are advised to pay particular attention when negotiating new trading contracts for 2011 as these new terms may affect how they will be covered by cargo insurance.
Learn more about our insurance plans:
Cargo
Pleasure Craft