What is incoterms 2010?

Incoterms 2010 is an abbreviation of the phrase: "International Commercial Terms".

Incoterms 2010 is a reflection of standardized rules created for contracts within domestic and international transports. They define when a transfer of risk takes place and when the goods are presumed delivered. Incoterms are not regulated, but are standard terms and conditions. It is therefore very important to have clearly indicated a clause in the packing list or in the commercial invoice between buyer and seller.

Incoterms are drafted by the International Chamber of Commerce (ICC), which is a world organization in the industry. ICC represents companies of all sizes and from all branches and their main purpose is to promote free trade and competition.

Incoterms 2010, entered into force January 1, 2011 and contains 11 different clauses.