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INCOTERMS 2010 By Cathrine Bjune What are the Incoterms rules? Incoterms rules are international rules that are accepted by governments, legal authorities and practitioners worldwide for the interpretation of the most commonly used terms in international trade. They either reduce or remove altogether uncertainties arising from differing interpretations of such terms in different countries. Language is one of the most complex and important tools of International Trade. As in any complex and sophisticated business, small changes in wording can have a major impact on all aspects of a business agreement. Word definitions often differ from industry to industry. This is especially true of global trade, where such fundamental phrases as delivery can have a far different meaning in the business than in the rest of the world. For business terminology to be effective, phrases must mean the same thing throughout the industry. The INCOTERMS are aimed at overcoming problem described above. INCOTERMS are made by the ICC – and they are constantly being revised in order to meet the changing demands of world trade. They caused a sensation in the business world when first introduced in 1936, given that they represented a radically new concept in an industry regulated by local rules of law. ICC’s Incoterms help traders avoid misunderstandings by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods. The newest edition is the 2010 edition, replacing the 2000 edition. INCOTERMS are designed to create a bridge between different members of the industry by acting as a uniform language they can use. INCOTERMS also deal with the documentation required for global trade, specifying which parties are responsible for which documents. Determining the paperwork required to move a shipment is an important job, since requirements vary so much between countries. Two items, however, are standard: the commercial invoice