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Legal Alert: New "Incoterms-2010", Effective January 1, 2011

12/08/2010

The Paris-based International Chamber of Commerce (ICC) has announced that new standard product delivery definitions that govern international sales contracts, known as “INCOTERMS”, will go into effect in January 2011. INCOTERMS identify the location in the supply chain where risk of loss and damage and responsibility for transportation, insurance and Customs-related costs shift from the seller to the buyer.

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