ICC Incoterms® were launched in 1936 to set out the responsibilities of buyers and sellers worldwide for the delivery of goods under sales contracts, and are an essential tool to maintaining order within the global trading system. The rules govern how costs and risks are allocated between parties involved in international goods trades and are used by importers, exporters, insurers, trade financiers, trainers and trade advisors in over 180 countries and in more than 30 languages. They are the recognised international standard for all goods traders.
To keep pace with the ever-evolving global trade landscape, the latest update to the trade terms were unveiled in October 2019 for entry into force on 1st January 2020.
WHY SHOULD THE 2020 VERSION BE USED?
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