Incoterms has been revised six times according to the ever-changing international trading environment since they were established in 1936, and has a great influence on the right transaction between the trading parties in the international' business tr...
Incoterms has been revised six times according to the ever-changing international trading environment since they were established in 1936, and has a great influence on the right transaction between the trading parties in the international' business trades.
This study was performed to examine the problems of Incoterms 2000 revised newly in accordance with the changes of environment, by comparative consideration with the major contents of Incoterms 1990, and present the direction for later revision based on such problems.
The main reason of revising Incoterms is to reflect the contemporary commercial practices and apply to Incoterms, and thus the latest revision takes special accounts of the latest expansion of free trade area, the increase of electronic correspondence in trades, and the changes in transportation customs. The basic principles of the revised Incoterms 2000 can be summarized into three points: the balance of the obligation is kept between the seller and the buyer; the delivery spots are determined by bisecting the transporting methods; and the scope of the transformed trading conditions is expanded. The revised Incoterms based on these basic principles accepted the changed commercial practices, expanded its application, and unified terminologies.