NEW INTERNATIONAL TRADE TERMS WILL BE RELEASED IN SEPTEMBER

   The International Chamber of Commerce will issue revised Incoterms, or international standard trade terms, at the end of September.
    The Incoterms 2000, as they will be known, will come into force on Jan. 1 and will affect all those involved in international trade.
Incoterms, for example the Free On Board term, define the responsibilities of buyer and seller in international sales contracts and are in constant use throughout the world.
    The International Chamber of Commerce said that it decided to revise the previous Incoterms 1990 because of developments in technology and in response to an increased use of Incoterms in commercial practice worldwide.
The international body urged traders to incorporate the correct Incoterms into their international contracts to avoid unnecessary legal problems.