Carramore International Limited
Carramore International Limited

Incoterms

Incoterms®

Incoterms® (International Commercial Terms) are the International Chamber of Commerce (ICC) rules for the use of domestic and international trade terms.

The Incoterms® rules are an internationally recognized standard and are used worldwide for the sale of goods. First published in 1936, Incoterms® rules provide internationally accepted definitions and rules of interpretation for most common commercial terms.

The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.

Over the past number of years we at Carramore have applied Incoterms 2000 in our sales contracts. However, Incoterms® 2010 were launched in mid-September 2010 and came into effect on January 1, 2011.

Nevertheless, all contracts made under Incoterms® 2000 remain valid even after January 1, 2011.  Parties to a contract for the sale of goods can agree to choose any version of the Incoterms® rules after 2011, and Carramore contract documents (quotation/profoma invoices and invoices) will refer to the Incoterms® version 2000 until further notice.

 

Incoterms 2000