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Commerce (ICC).
First published in 1936, the Incoterms rules have been periodically updated,
with the eighth version Incoterms 2010having been published on January 1,
2011. "Incoterms" is a registered trademark of the ICC.
What are Incoterms?
The term, Incoterms, is an abbreviation for International Commercial Terms. They are a set of
rules which define the responsibilities of sellers and buyers for the delivery of goods under sales
contracts for domestic and international trade. They are published by the International Chamber
of Commerce (ICC) and are widely used in international commercial transactions. The first
Incoterms were issued in 1936. The most recent version of Incoterms, Incoterms 2010,
were launched in September 2010 and became effective January 1, 2011.
The two main categories of Incoterms 2010 are now organized by modes of transport. Used in
international as well as in domestic contracts for the first time, the new groups aim to simplify
the drafting of contracts and help avoid misunderstandings by clearly stipulating the obligations
of buyers and sellers.
Group 1. Incoterms that apply to any mode of transport are:
EXW Ex Works
Group 2. Incoterms that apply to sea and inland waterway transport only:
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