The INCOTERMS establish a set of international rules for the interpretation of commercial terms related to the sale contracts, limiting the rights and obligations of the parties in relation to the delivery of the goods.
They are published by the Chamber of International Trade, the last version being published on January 1, 2010.
Incoterms are not laws, they are uses and rules, therefore a new version does not derogate the previous ones, due to this when you specify the name of the Incoterm you have to identify which version it refers to.
Aspects that regulate.
- The delivery of the goods. Do not confuse delivery with possession.
- Timing of transmission of the risks on the goods from the seller to the buyer.
- Distribution of the expenses inherent to the import-export.
- Procedures for customs documents.
Brief description and structure.
Incoterms are classified according to the means of transport: Any mode or modes of transport (also when partially maritime).