Understand how Incoterms 2000 rules function in international trade transactions.
INCOTERMS is an abbreviation of International Comercial Terms. INCOTERMS are standard commercial terms prepared by ICC (International Chamber of Commerce) and are regularly amended as trade practices changed over time.
How many different set of Incoterms rules published so far,
8 different set of Incoterms rules have been published by ICC so far. These are Incoterms 1936, Incoterms 1953, Incoterms 1967, Incoterms 1976, Incoterms 1980, Incoterms 1990, Incoterms 2000 and Incoterms 2010. Incoterms 2010 is the latest publication. Incoterms 2010 published in September 2010, Incoterms 2010 came into effect on 1 January 2011.
When Incoterms 2000 entered into force,
Incoterms 2000 have been released in September 1999 under ICC publication number 560 and have entered into force on 1 January 2000.
Can Incoterms 2000 still be used on the sales contracts
Incoterms 2000 can still be used on the sales contracts. Trade professionals must be careful to reference the rules they intend to use. Such reference can be given as FOB NEW YORK INCOTERMS 2000, CIF BARCELONA PORT INCOTERMS 2000 etc..
How many rules defined in Incoterms 2000,
Incoterms 2000 defines 13 rules as given below.
EXW EX WORKS (... named place)
FCA FREE CARRIER (... named place)
FAS FREE ALONGSIDE SHIP (... named port of shipment)
FOB FREE ON BOARD (... named port of shipment)
CFR COST AND FREIGHT (... named port of destination)
CIF COST, INSURANCE AND FREIGHT (... named port of destination)
CPT CARRIAGE PAID TO (... named place of destination)
CIP CARRIAGE AND INSURANCE PAID TO (... named place of destination)
DAF DELIVERED AT FRONTIER (... named place)
DES DELIVERED EX SHIP (... named port of destination)
DEQ DELIVERED EX QUAY (... named port of destination)
DDU DELIVERED DUTY UNPAID (... named place of destination)
DDP DELIVERED DUTY PAID (... named place of destination)
What does Incoterms 2000 mean? Who published Incoterms 2000 rules?
INCOTERMS 2000 (International Commercial Terms) have been published by the International Chamber of Commerce in order to reach an uniform set of international rules for the interpretation of trade terms in a global scale.