The International Chamber of Commerce has established as early as 1920 a commission on the study of an organic regulation of trade terms. It then published a “Trade Terms” pamphlet with the description of six terms (FOB, CUF, C&F, FAS, FOR/FOT and DDP, no longer in use).
The ICC has frequently updated their trade terms in order to keep up with the rapid evolution of transports. The latest publication is the results of this constant revision, the “Incoterms 2010”.
The Incoterms 2010 define clearly the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages of the transaction. This is to avoid any misunderstandings throughout the entire shipping and/or transport process.
