Saturday, September 18, 2010
F.O.B.? C.I.F.? The International Chamber of Commerce is releasing a new edition of INCOTERMS that will become effective in January 2011. The INCOTERMS are the terms used to explain the rights and obligations of buyers and sellers in international commercial contracts. They are being updated to recognize new realities in international shipping and in electronic commerce. Click here for more information about the new version of INCOTERMS.
The changes appear to be significant. Two new terms replace four earlier ones, and the total number of terms used is reduced from 13 to 11.