The Incoterms® 2020 are announced

Every ten years the International Chamber of Commerce (ICC) updates the Incoterms in order to remain connected to what happens in practice. The new incoterms were announced on Tuesday September 10, which will come into effect on January 1, 2020.

What are Incoterms?

Incoterms are standard delivery terms and conditions, drawn up by the ICC. It describes the rights and obligations of the buyer and seller when delivering goods.

Incoterms determine e.g.

  • the obligations of both the seller and the buyer;
  • who arranges insurance, permits, authorizations and other formalities;
  • who arranges the transport to which location;
  • the moment at which the costs and risks pass from the seller to the buyer.

Incoterms® 2020 is more user-friendly and contains more detailed explanations with improved images to illustrate the responsibilities of importers and exporters for each Incoterms® rule. Incoterms® 2020 also contains a more detailed explanation of how you can choose the most suitable Incoterms® rule for a specific transaction.

Incoterms® 2020 mobile application

In accordance with ICC's commitment to make technology work for everyone, the access to essential information of the rules will be made easier than ever before. Easier through a special Incoterms® 2020 mobile application, which includes a wide range of informational functions, including latest news updates, event information and training options.

The 2020 edition is available in no fewer than 29 languages — from Estonian and German to Pashto and Spanish. Check with the ICC local representative in your country for further information.

Do you want to know more about the most important changes? Have a look at www.incoterms2020.nl

19 Sep 2019 at 12:00 am

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