INCOTERMS 2010 Response
Response Paper to “INCOTERMS 2010”
The paper titled “INCOTERMS 2010” authored by Jan Ramberg is written with the objective of outlining various aspects related to INCOTERMS such as the reason for introduction of INCOTERMS, subsequent revisions of INCOTERMS, the revision methodology, their presentation coupled with the legal standing.
My reaction paper or response paper will primarily focus on the reasons behind revisions of INCOTERMS coupled with the revision methodology adopted by ICC.
The paper states that INCOTERMS were introduced in the year 1936 and the first revision took place in 1957. It is stated that the common perception that revision of INCOTERMS takes place after a gap of 10 years is flawed. My reaction to this proposition is
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My reaction to this idea is that this particular step of revising the INCOTERMS was essential so as to accommodate the concept of passing of risk at place of destination wherein the obligation and responsibility of the seller so as to the safety of goods extinguishes at the point where the goods are put in the custody and control of the carrier at the destination …show more content…
Another reason given by the author for the 2010 revision was the object of expansion of applicability of INCOTERMS to the nations which followed the UCC such as the United States of America. My reaction to this reasoning given by the author is that in my opinion, the introduction of the two new trade that were DAT and DAP resulted in laying down clarity so as to the application of the INCOTERMS. While, on one hand, DAT provided for implementation of INCOTERMS in cases which involve that the unloading of goods is done at the cost of the seller and the risk of the seller, on the other hand, DAP provided clarity so as the usage of INCOTERMS in cases which involve specific intimation so as to the appropriate place at which the goods are to be delivered. With respect to the second reason given by the author, I feel that it was a wise step taken by ICC as it resulted in application of INCOTERMS to the nations such as The United States of America which follow the rules laid down by the Uniform Commercial Code. Moreover, the extension of INCOTERMS was also necessitated by the very fact that the Uniform Commercial Code removed and eliminated their own definitions of trade
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