Incoterms for Americans (Completely Rewritten for Incoterms® 2010) Paperback – September 1, 2010

Frank Reynolds has produced a comprehensive interpretation of the global language of international trade in a format that is easily understandable by Americans involved in international commerce. First published in 1936 by the Paris-based International Chamber of Commerce (ICC), Incoterms 2000 are the latest revised set of 13 international commercial terms recognized as the standard trade terms of international business.Used by importers/exporters, they define the roles, responsibilities and obligations of buyers/sellers in transactions involving the international movements of goods and help to eliminate misunderstandings as to the term of trade by which a particular transaction is being conducted. They help define the point at which the responsibilities, risks and obligations of the seller end and begin for the buyer and the required documents that must be generated for official and commercial purposes.As some of the Incoterms, when defined, may be in conflict with similar terms of sale (such as EX Works, FOB) as used for domestic business and found in the official United States legal code - the Uniform Commercial Code (UCC), the author thoroughly explains the difference and highlights the adjustments needed when considering similar Incoterms for international transactions.The book clearly describes the meaning of each Incoterm, explains the buyer-seller responsibilities under each term and illustrates what a typical pro-forma invoice would reflect on a proposed export transaction. With each Incoterm described, it also offers an American perspective on best practices and recommendations from the author's numerous years of trade experience and his enviable position as the US delegate on the ICC drafting committee that revised the terms that resulted in Incoterms 2000.Of particular interest especially to inexperienced American exporters, the author offers some very important caveats covering such areas as port customs, insurance considerations, potential confusions in regards to the difference between shipment and delivery terms, the use of appropriate terms that best fit particular transactions, compliance with US Export Control and Incoterm limitations. Although published in 1999, this edition is still up-to-date as the subject matter it addresses is still current as of the date of this review in 2007. Readers may, however, be mindful that the reference made in the publication to the Uniform Customs and Practices for Documentary Credit (UCP500) - the rules that govern letters of credit transactions - will be replaced by a revised set of rules (UCP600) on July 1, 2007.Since the new UCP600 rules no longer provide for 'revocable' credits, it will no longer be necessary to stipulate in the payment term section of the pro-forma invoice that the letter of credit should be 'irrevocable' as reflected in those relevant sections in Incoterms for Americans. A minor editorial detail of omitting the currency in which costs are reflected in pro-forma invoices on pages 103, 104 and 110 should be French Francs, US Dollars and US Dollars respectively. The author would agree that such seemingly insignificant details of omission would create a discrepancy, delaying payment, in an invoice presented to a nominated bank for a letter of credit transaction.As one with over 25 years of foreign trade experience, I would highly recommend this well written volume as a desk reference guide for any American foreign trader who desires a working knowledge, understanding and application of Incoterms 2000.

I didn't expect it is so thin and.. so the price seems too much for this book. Anyway it's a good book.

A must have for purchasing. Very helpful.

I found this book to be full of information. Instead of giving a vague and general outline of the Incoterms (for example, just listing EXW as buyer pays all shipping), Reynolds go full bore into the subject with what if's scenarios, detailed look at each one and tells you how each contract is implemented and the limits of each term. He even put copies of pro formas for some of the incoterms!Considering the fact that this book is more than half the price of the ICC book and tailored to Americans, I highly recommend it!

After I first read Mr. Reynold's predecessor book on Incoterms I felt I finally understood this technical topic. The new book, fully revised for Incoterms 2000, follows the same format. Each chapter is devoted to one of the 13 Incoterms so it can be easily digested. Each chapter contains an easy to read scenario of how the Incoterm may be used in a real international trade transaction and how it affects all other phases of the transaction including the ability or inability to collect payment.The most valuable feature is the ending section of each chapter, entitled "American Perspective." It discusses how Americans should or should not use this particular term, or at least be aware of any caution flags.Incoterms for Americans is a valuable commentary on an important topic.

No sane person reads about INCO terms for fun, and if your work requires that you understand the details of international quotes & shipping then this is a required reference work. The author, who sat on the international drafting committee, is perhaps as knowledgable on this subject as any American. He also teaches an excellent seminar on the subject.

Mr Reynolds provides basic information in an overrated book. You can get Incoterm info from web sites for free - save your $43 for something more worthwhile