Learning unit: Incoterms 2010. Syllabus:
- What are Incoterms 2010?.
- Analysis. - Comparative tables.
- New Incoterms: DAT and DAP.
- Replaced Incoterms: DAF, DES, DEQ and DDU.
- Incoterms for sea and inland waterway transport: FAS - FOB - CFR - CIF.
- Incoterms for any mode of transport: EXW - FCA - CPT - CIP - DAT - DAP - DDP.
- How are they used?.
Objectives. To understand:
- The responsibilities of the exporter and Importer under Incoterms 2010.
- How Incoterms are used in International trade transactions.
Learning unit summary (Incoterms 2010):
Incoterms are a set of international rules for the interpretation of International trade terms
set forth by the International Chamber of Commerce.
The word Incoterm is an
abbreviation of international commercial terms and the chosen Incoterm is a term
of the contract of sale. Incoterms are not terms of the contracts of carriage or delivery.
In International trade transactions one of the aspects to be defined is the
place of delivery of products. This place, previously agreed between the importer
and the exporter, must be stated in the
international sales contract.
2010 facilitates this by clearly defining the place of delivery, who is
responsible for the transport to the place of delivery, who assumes the risks
and the point at which risk passes from the exporter to the importer, who
customs clears the products for import/export and many more
Incoterms also establish a body of international rules for the interpretation
of the most commonly used International trade terms.
Defining the Obligations. Incoterms enable the contracting parties to set out
clearly and concisely the extent of their respective obligations, and above all, the moment when costs and risks are transferred from the exporter to the importer.