“The Incoterms rules are a perfect example of an efficient standardization of an international business tool. Their day-to-day use in international sales contracts brings legal certainty to business transaction while simplifying the drafting of international contracts.”

                                       -Emmanuel Jolivet
                                        General Counsel of the International Court of Arbitration

When ICC first introduced the Incoterms® standard commercial terms in 1936 they caused a sensation in the international business world.

Representing a radically new concept in an industry regulated by local rules of law, the new terms were the first real attempt to bring coherence to a commercial and judicial system that diverged widely from one country to another.

Since they were first introduced, the Incoterms rules have been revised about once a decade to keep up with the rapid expansion of world trade and globalization.

Since the last revision in 2000, much has changed in global trade. Cargo security is now at the forefront of the transportation agenda for many countries. In addition, the United States’ Uniform Commercial Code was revised in 2004, resulting in a deletion of US shipment and delivery terms. The latest version of the Incoterms rules will reflect these changes and others.