Incoterms Rules turn 80

The most commonly used tools for the international trade, the Incoterms (International Commercial Terms) Rules of the International Chamber of Commerce turn 80!
The first edition of the “International rules for the interpretation of trade terms” was published in 1936 indicating 11 terms, and the obligations of the seller and the buyer regarding goods’ delivery in international trade.

It was the result of years of information-collecting by the ICC (International Chamber of Commerce) established in 1919, regarding that time’s most widely used practice in the trade of goods.

The primary goal was to standardize the rules of interpretation of the terms, reducing any doubts or misunderstandings and, therefore, standardize and facilitate international trade.
All of the international trade practitioners were consulted: importers, exporters, carriers, shippers, insurance agents, financial institutions.

After the 1936 edition, another seven were published up to the 2010 eighth edition currently in force.
Over time Incoterms have been amended several times. New terms have been introduced and those not anymore in use have been suppressed.

Modifications regarding the interpretation have been also made thanks to important changes and innovations in the transport and logistics sector which have contributed to increasing or re-define customs responsibilities and safety-related requirements (introduction of six multimodal services and containers, changes in single markets, terror threat).

Incoterms are 80 years old and are still in great shape. Still a key tool to define responsibilities, costs, and risks regarding the delivery of goods in international sales contracts.
Incoterms ® is a registered trademark of the International Chamber of Commerce.
Taken from ICC International Chamber of Commerce.