INCOTERMS

International Commercial Term or International Commerce Term which is commonly known as INCO TERMS. These are the work of ICC (International Chamber of Commerce) in their full form through the ICC's publication.

The first version was introduced in 1936. Additions and modifications were later made in 1953, 1967, 1976, 1980, 1990 & presently the 2000 version in vogue which is sought to be amended by the 2010 version.

In the amended 2010 version we will be having DAT (Delivered at Terminal) & DAP (Delivered at Place).

There are still international trade stating C&F which is no longer and INCO terms after 1990.

INCO term is very important to know the precise moment when the cargo passes from the seller to the buyer because in the event of any loss or damage to the cargo it is essential to know which party has to bear the loss.