KARACHI - The International Chamber of Commerce, a largest and most representative business organisation in the world, launched the latest version of its internationally-recognised trade terms titled Incoterms 2010 on Thursday. The rules, used by companies in countless business transactions all over the world, will come into effect on January 01, 2010. Revisions have been made to ensure that the wording of the Incoterms rules clearly and accurately reflects present-day trade practices. The number of rules has been reduced from 13 to 11 and two new rules have been created named Delivered at Terminal (DAT) and Delivered at Place (DAP). The latest version also features guidance notes at the beginning of each of the rules to help clearly steer the user to the correct Incoterms rule, ICC said in a statement issued the other day. It further said a launch conference for the new rules will take place at ICCs international headquarters in Paris on September 27. Moreover, a series of masterclasses will follow on October 28-29 and November, 29-30 this year, with another on January 31, February 01 in 2010. ICC Pakistan has scheduled Incoterms 2010 workshops at Karachi and Lahore on 2nd and 4th December 2010 respectively, to be conducted by Vincent OBrien. The Incoterms rules are an internationally recognised standard and are used worldwide in int'l and domestic contracts for the sale of goods. First published in 1936, Incoterms rules provide internationally accepted definitions and rules of interpretation for most common commercial terms. The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers.