Incoterms® are defined by International Chamber of Commerce (ICC) to facilitate trade across the globe. They are internationally accepted standards which define the responsibilities of sellers and buyers for delivery of goods under sales contracts. Incoterms® are used to specify how the costs and risks associated with the cross-border transportation of goods are borne between the buyer and seller.
Incoterms® 2020 – What’s new?
The main changes to the Incoterms® in the 2020 edition are:
- Different levels of insurance cover in CIF and CIP
- Arranging for carriage with seller’s or buyer’s own means of transport in FCA, DAP, DPU and DDP
- Additional option to issue bills of lading with an on-board notation while applying the FCA Incoterm
- Change in the three-letter initials for DAT to DPU
- Inclusion of security-related requirements within carriage and costs
For a more in depth overview of what changed with Incoterms® 2020, download the flyer below.
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