Wragge & Co plays pivotal role in Incoterms review

Wragge & Co is at the centre of a major launch of new rules governing international trading.

The new international delivery terms, 'Incoterms® 2010,' are set to make waves among traders across the world. Essential for anyone selling, buying, or involved in the transport, financing or insurance of goods internationally, the terms are reviewed around every ten years. Wragge & Co commercial partner David Lowe is one of only eight experts leading the redrafting, with significant changes anticipated.

David Lowe said: "My involvement in this important project is an example of Wragge & Co's international capabilities and commercial expertise in global trading. The review and redrafting of Incoterms has addressed what changes are required to the existing 2000 edition to reflect the electronic age and the need for increased security."

With the International Chamber of Commerce (ICC) set to finalise approval of the new edition this autumn, the new rules will come into force from 1 January 2011. Major changes are afoot, with the terms being modernised by the experts to reflect 21st century shipping arrangements and the role of container traffic in today's international trading environment.

Ex-works, FCA (Free Carrier), FOB (Free on Board) and DDP (Delivered Duty Paid) are among the 13 rules in Incoterms 2000, which apply to the sale of billions of dollars of goods each year. The terms define the risks and responsibilities of buyers and sellers in an international sales contract, reducing the risk of legal complications. ICC first codified the most common delivery terms in 1936.

ICC United Kingdom is now accepting pre-orders for the revised Incoterms rules, which will be available from October 2010 through its online bookshop.

A partner in Wragge & Co's Commercial, IT and Outsourcing team, David Lowe deals with a range of commercial contracts. A contributor in the development of Incoterms 2000, David was appointed this year as Chair of ICC United Kingdom's Committee on Commercial Law and Practice.

Wragge & Co is a UK-headquartered law firm providing a full service to clients worldwide. Clients include companies listed on the world's leading stock exchanges, financial institutions and government departments in the UK, Middle East and Africa.

Incoterms is a trademark of the International Chamber of Commerce. ICC is the largest, most representative business organisation in the world, with members in more than 120 countries worldwide. One of its primary functions is the development of self-regulatory tools to facilitate trade and investment worldwide. For all enquiries related to ICC Incoterms, please contact Claire Langworthy at ICC United Kingdom on: 020 7838 7452; or clairelangworthy@iccorg.co.uk.