UNCITRAL, whose mandate is to remove legal obstacles for international trade, applauded ICC for its “valuable” contribution to facilitating the conduct of global trade by making the Incoterms® 2010 rules, ICC’s standard commercial terms for use in contracts for the sale of goods, simpler and clearer, reflecting recent developments in international trade.
The endorsement was published after UNCITRAL’s 45th session in New York, with a decision to “commend the use of Incoterms® 2010, as appropriate, in international sales transactions”.
“We are thrilled to have the continued support of UNCITRAL, one of the most renowned and influential organs dealing with international business,” said Emily O’Connor, Senior Policy Manager of the ICC Commission on Commercial Law and Practice.
The Incoterms® rules, developed by experts and practitioners brought together by ICC, are used worldwide in international and domestic transactions for the sale of goods.
ICC first defined the Incoterms® rules in 1936, and has since revised the rules a number of times. The latest version came into effect in January 2011.
The Incoterms® rules have been recognized by UNCITRAL since the 1960s as the global standard for the interpretation of the most common terms in foreign trade. They have had the support of many international organizations, notably the United Nations, not only through UNCITRAL but also through the United Nations Economic Commission for Europe (UNECE), whose Centre for Trade Facilitation and Electronic Business recommends the use of the Incoterms® rules.
For more information visit the dedicated section of the ICC website at: Incoterms® 2010.