INCOTERMS are an integral part of the international transactions, dealing with the questions related to the delivery of the products from the seller to the buyer and indicating their respective obligations.

Incoterms rules are being revised once a decade and last revision was in 2000, but much has changed in global trade since then. It is important to review the Incoterms to keep up with the rapid expansion of global trade and globalization. The current revision was launched in September 2010 and it reduces them from 13 to 11, the new rules come into effect on 1 January 2011.

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