Incoterms Update: Next Version of Incoterms Scheduled to Take Effect on January 1, 2011

Here is the latest update on the status of the revisions currently underway to Incoterms 2000.

The Incoterms Drafting Committee recently met to consider the latest draft of the revised version of Incoterms. Several more meetings will be held with a goal of issuing the final version of the revised Incoterms in the fall of 2010. At this point, the goal is to have the revised version of Incoterms go into effect internationally on January 1, 2011.

The next version of Incoterms is likely to be known as Incoterms 2010 (not Incoterms 3000 or Incoterms 2011 as initially proposed and reported).

As we previously noted, a few of the current 13 Incoterms in Incoterms 2000 are likely to be eliminated and there may be at least one new Incoterm.

In order to prepare for 2011 implementation of the revised Incoterms, the United States Council for International Business will provide a number of Incoterms 2011 training programs starting in the fall of 2010.