Incoterms® 2020: ICC has launched the newest edition of the renowned trade terms for the delivery of goods, providing certainty and clarity to business and traders everywhere.
ICC have also launched a dedicated Incoterms® 2020 mobile application, which includes a wide variety of informative features, including latest news updates, event information and training opportunities.
In an attempt to make it more accessible and easier to use, the new terms include:
- More detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters.
- More detailed explanation on how to choose the most appropriate Incoterms® rule for a given transaction, or how a sales contract interacts with ancillary contracts.
A few brief highlights – The Incoterms® 2020:-
- Provides for demonstrated market needs in relation to bills of lading (BL) with an on-board notation on the Free Carrier (FCA) Incoterms®
- Aligns different levels of insurance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP).
- A change in the three-letter name for Delivered at Terminal (DAT) to Delivered at Place Unloaded (DPU).
- Includes arrangements for carriage with own means of transport in FCA, Delivered at Place (DAP), Delivered at Place Unloaded (DPU), and Delivered Duty Paid (DDP).
- Includes security-related requirements within carriage obligations and costs.
You can purchase Incoterms® 2020 through ICC’s e-commerce platform: ICC Knowledge 2 Go.