Since then Incoterms, as the guidelines have become known, has long since become a globally established reference work which sets out the most important rules and obligations affecting buyers and sellers in national and international trading partnerships. Incoterms have no legal status, but are recognized the world over. The work's clearly defined delivery clauses help trading partners to eliminate misunderstandings and disputes from the outset. Because of the continuous growth and increasing complexity of global trade, Incoterms require regular revision. The eight edition comes into force as of 1 January 2011.
The most important changes
A simpler classification, made possible through the removal of the maritime terms, and more user-friendly language were the primary goals the ICC established for Incoterms 2010. The guide is now also structured by transport mode. Incoterms 2010 now include terms exclusively for maritime and inland waterway transport, as well as terms that can be used for any type of transport by land, sea or air. Four of the current thirteen terms will be dropped, and two new ones added. DAT (Delivered at Terminal – named port or destination) and DAP (Delivered at Place – named destination) are two important new terms to be added. The new edition also pays special attention to security aspects and affords electronic communication the same status as that in paper form.
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