ICC Incoterms 2010 The International Chamber of Commerce (ICC), in 1936, established standardized trade rules in accordance with the structure of the transaction price of the place of delivery (risk transfer) and the rights and obligations of the buyer and seller.
After the first enactment in 1936, it has undergone several revisions in order to accommodate the development of the actual transport and trade business. 2007 International Chamber of Commerce, in view of the expansion of the duty-free zone and the growth of electronic communications, began to update and integrate new international trade regulations. New trade regulations named Incoterms 2010, since January 1, 2011, has been widely used by the global trade industry as the golden rule, and by the transport, insurance, justice, banking industry and other common use.
11 International Trade Terms Explanations
Ex Works (name place of delivery) Factory Delivery Conditions
Free Carrier (name place of delivery)- Cargo Delivery Conditions
Carriage Paid to (name place of destination) Freight Prepaid Conditions
Carriage & Insurance Paid to (name place of destination) Freight Payment Conditions
Delivered at Terminal (name terminal at port or place of destination) Terminal Delivery conditions
Delivered at Place (name place of destination) Destination Delivery conditions
Delivered Duty Paid (name place of destination) Taxes and Conditions of Delivery
Free Alongside Ship (name port of shipment ) Ship Side Delivery conditions
Free On Board (name port of shipment ) On-board delivery conditions
Cost and Freight(name port of destination) Shipping conditions included
Cost, Insurance & Freight(name port of destination) Shipping Freight Conditions