Incoterms 2020 (International Commercial Terms 2020) are international trade rules issued by the International Chamber of Commerce (ICC), designed to clearly define the responsibilities, costs, and risk allocation between buyers and sellers during the transportation of goods.
This guide is designed to provide a quick overview of the Incoterms® rules frequently used worldwide in international and domestic contracts. The guide illustrates responsibilities between buyers and sellers with regards to costs, risks, responsibilities for cargo insurance and regulatory compliance. “Incoterms” is a registered trademark of the International Chamber of Commerce (ICC).
Read more about Incoterms® rules from the official International Chamber of Commerce website, where you can also order the “Incoterms® 2020” publication. Sign up for online training on the Incoterms® 2020 rules at icc.academy.
THERE ARE TWO KEY CHANGES IN INCOTERMS® 2020 COMPARED TO THE 2010 EDITION:
* DAT (Delivered at Terminal) is renamed Delivered at Place Unloaded (DPU)
* FCA (Free Carrier) now allows for Bills of Lading to be issued after loading
OTHER CHANGES INCLUDE:
* CIF (Cost, Insurance and Freight) and CIP (Carriage and Insurance Paid To) set out new standard insurance arrangements,
but the level of insurance continues to be negotiable between buyer and seller.
* Where listed, cost allocation between buyer and seller is stated more precisely - one article lists all costs the seller and the
buyer are responsible for.
* FCA (Free Carrier), DAP (Delivered at Place), DPU (Delivered at Place Unloaded) and DDP (Delivered Duty Paid) now take
account of buyer and seller arranging their own transport rather than using a third party.
* Security-related obligations are now more prominent.
* “Explanatory Notes for Users” for each Incoterm® have replaced the 2010 edition’s Guidance Notes, and are designed to be
easier for users.
* CIP now requires as default insurance coverage ICC A or equivalent. It was ICC C under Incoterms® 2010. Required insurance
coverage under CIF remains.
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