Incoterms revision looks set for approval
A new set of Incoterms looks set for approval by International Chamber of Commerce delegates in mid-September, according to the United States' lone delegate in the process.
Incoterms, short for International Commercial Terms, are standard trade definitions most commonly used in international sales contracts. The rules are devised and published by the ICC, which has been updating the terms, a process it dubs Incoterms 2010. It's the seventh such update since Incoterms were first introduced in 1936 and the first since 2000.
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'This revision is massive,' Frank Reynolds, the U.S. delegate in the process, said in an update this week. 'The number, presentation and definition of Incoterms rules have changed. Even the way we refer to them as 'Incoterms rules' is new.'
Reynolds said the United States Council for International Business will conduct seminars beginning in September to acquaint the industry with the revisions.
If approved, the new edition of Incoterms is expected to enter into force on Jan. 1. ' Eric Johnson