incoterms of international trading

May 19th, 2016
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TRADE TERMS/INCOTERMSThe Incoterms are internationally recognized standard and are used worldwide in internationaltrade. The Incoterms were first published in 1936 and revised in years 1953, 1967, 1976, 1980,1990, 2000 and recently 2010. The rules have been developed and maintained by experts andpractitioners brought together by ICC and have become the standard in international businessrules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs andrisks involved in delivery of goods from the sellers to buyers. Incoterms are recognized byUnited Nations Commission on International Trade Law (UNCITRAL) as the global standard forthe interpretation of the most common terms in foreign trade. Incoterms 2010 came into effect on1st January 2011. However all contracts made under Incoterms 2000 remain valid even after2011. Moreover, it is recommended to use Incoterms 2010 after 2011, parties to a contract forthe sale of goods can agree to choose any version of the Incoterms rules after 2011. It isimportant however to clearly specify the chosen version Incoterms 2010, Incoterms 2000 or anyearlier version. Incoterms 2010 fall under E, F, C and D classes.E-classEx-Works (EXW)EXW means that the seller delivers when it places the goods at the disposal of the buyer at thesellers premises or at another named place.EXW is used for any mode of transportation.Delivery occurs at the time that the importer (or the importers agent) picks up

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