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New incoterms January 1, 2011

Written by Richard Smits on . Posted in Exact Globe

Incoterms or International Commercial terms are a series of international sales terms widely used in international commercial transactions. These are accepted by governments, legal authorities and practitioners worldwide for the interpretation of most commonly used terms in international trade.

As of January 1, 2011 the eighth edition, Incoterms 2010, have effect. The changes therein affect all of the five terms previously listed in section D, which are now obsoleted and replaced with these three: DAT (Delivered at Terminal), DAP (Delivered at Place), and DDP (Delivered Duty Paid). The new terms apply to all modes of transport.

Within Exact Globe, users can create, delete, activate and maintain incoterms themselves. The incoterms can be linked to the suppliers to be used for defaulting. Next to this you will be able to select the incoterms during entry of the purchase order or the Return to Vendor (RTV) order. Of course the incoterm can be used throughout the complete process after entry, like printing on purchase layout, displaying at the purchase history overview and during XML import/export.

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