Inco Terms

Incoterms 2010
The International Chamber of Commerce has released the table of contents to the Incoterms 2010. Incoterms 2010 consists of only 11 Incoterms, a reduction from the 13 Incoterms 2000.
The Incoterms 2010 are organized into two categories:

Incoterms for any Mode or Modes of Transport:

• EXW Ex Works
• FCA Free Carrier
• CPT Carriage Paid To
• CIP Carriage and Insurance Paid
• DAT Delivered At Terminal (new)
• DAP Delivered At Place (new)
• DDP Delivered Duty Paid

Incoterms for Sea and Inland Waterway Transport Only:

• FAS Free Alongside Ship
• FOB Free On Board
• CFR Cost and Freight
• CIF Cost, Insurance and Freight

The reduction in Incoterms from 13 to 11 different terms was accomplished by substituting two new Incoterms, DAT (Delivered at Terminal) and DAP (Delivered at Place), for DAF (Delivered at Frontier), DES (Delivered Ex-Ship), DEQ (Delivered Ex-Quay) and DDU (Delivered Duty Unpaid).
Incoterms 2010 also addresses duties to provide information regarding security-related clearances, such as Importer Security Filings and other chain-of-custody information.
Contrary to some predictions, Incoterm FAS remains in Incoterms 2010, since that Incoterm is important in bulk and break-bulk trade.

This interpretation is provided as a guide only.

Please feel free to print this summary of Incoterms 2010.