FAQs on Incoterms answered
Paris, 16
December 1999 - The
official guide to accompany Incoterms 2000 is now available. Its clear explanations
on the day to day use of Incoterms 2000 will help traders, carriers, freight
forwarders, insurers, bankers, lawyers, researchers and all those involved in
international commercial transactions.
The word Incoterms describes
the ICC official rules for the interpretation of the most commonly used international
trade terms. These rules have been revised in line with developments in commercial
practice. The new terms are referred to in contracts as Incoterms 2000 and come
into force on 1 January 2000. They form the basic contractual component of export
and import transactions.
Correct use of Incoterms
reduces the risk of expensive legal disputes that can result from misunderstandings
over contracts, and the guide is therefore essential reading for traders. Incoterms
are recognized by courts in all major trading nations.
The guide's author is Professor
Jan Ramberg, an international expert who played a lead role in drafting Incoterms
1990 and 2000. It describes the changes since Incoterms 1990, and provides an
overview of buyers' and sellers' obligations.
The new ICC publication
also provides answers to the most commonly asked questions on Incoterms 2000,
including:
- Which of the parties has the duty to clear the goods for export and import,
and why?
- How have the customs clearance
obligations under FAS and DEQ been materially
changed?
- How and why has the term FCA been rewritten?
- What are the dangers of using variants to the 13 Incoterms?
The Guide to Incoterms 2000
includes clear diagrams and charts to help readers fully understand the key
elements of the 13 trade terms.
The new Guide to Incoterms
is available in English, and the French version will be published in early 2000.
ICC plans to produce the guide in a range of other languages including Arabic,
Chinese, and Japanese.
Copies of Guide to Incoterms
2000 are available through ICC's online Business
Bookstore.
More
information on Incoterms 2000