Updated Terminology for International Trade

The "Incoterms", or International Commerce Terms, were modified to better reflect modern practices and avoid ambiguity.

Thursday, November 4, 2010

The amendments were announced yesterday in Guatemala by the International Chamber of Commerce, who said that these changes “make obligations of buyers and sellers more clear. For example, the terms of FOB (Free On Board), CFR (Cost and Freight) and CIF (Cost Insurance and Freight) reference to the ship's rail and port of delivery has been omitted for delivery of the goods on board. "

Additionally, the 13 original terms will be reduced to 11, replacing DAF, DES, and DEQ DDU by DAT (unloaded vehicle arrival) and DAP (ready to be downloaded).

These changes take effect starting January 1st, 2011.

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ICC Meets in Guatemala

October 2010

Between the 3rd and the 5th of November, the country will host the 2nd meeting for the Americas of the International Chamber of Commerce (ICC).

Organized by the Chamber of Industry of Guatemala (CIG), the event will host 150 delegates from 20 countries, including Latin America, USA, Canada, France, Spain and Portugal.

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