Incoterms for Pc

1. The word is an abbreviation of International commercial terms and the chosen Incoterms® rule is a term of the contract of sale (please note: not of the contract of carriage).

2. To avoid confusion and difficulties in applying Incoterms® rules a reference to the current version should always be made in the contract of sale.

3. In order to remedy these problems, the International Chamber of Commerce (ICC) - - first published in 1936 a set of international rules for the interpretation of trade terms.

4. Presently, when parties negotiate their contract individually, they should take care not only to refer to Incoterms® rules but also to add the year 2010.

5. It is very important to understand that all details of sale/purchase transaction for each chosen term are not included in Incoterms® rules.

6. Since then these rules several times have been amended in order to bring them in line with international trade development and global market changes.

7. Very often sellers and buyers do not pay attention that each chosen term of Incoterms® requires that contents of sales contract must match to the conditions of the term.

8. In recent years, Incoterms® rules have been revised at 10-year intervals (Incoterms® 1980, 1990, 2000, 2010).

9. From first January 2011 new version of the rules “Incoterms®2010” (ICC Publication № 715 E) came into force, which consists of 11 following terms - EXW, CPT, CIP, DAT, DAP, DDP, FCA, FAS, FOB, CFR, CIF.

10. By mistake they feel that all aspects of the deal are stipulated by Incoterms® and are included in the rules.

11. At times parties entered in international sale contracts are unaware of the different trading practices in their respective countries.

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