New Incoterms

The International Chamber of Commerce has issued a new set of Incoterms – the three-letter codes which define the risks and responsibilities of buyers and sellers in an international trade contract.  It is vital for all companies involved in international trade to be able to apply these terms to their imports and exports and to understand which terms are most appropriate for the countries and companies they are dealing with.  These terms apply to all international cargo movements; importers and exporters and all companies involved in the freight business use them as a matter of course.  The Incoterms book is available now and the terms will come into effect on 1 January 2011.