ICC Releases 2020 Incoterms

The International Chamber of Commerce released its 2020 incoterms on Sept. 10, saying the newest version is easier to use and includes “explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters." The new incoterms also include a more detailed explanation for traders on how to choose the right incoterms for their transactions or “how a sales contract interacts with ancillary contracts," the ICC said.

The new set of incoterms "provides for demonstrated market need in relation to bills of lading (BL) with an on-board notation and the Free Carrier (FCA)" rule, "aligns different levels of insurance coverage” in the Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP) rules and “includes arrangements for carriage with own means of transport in FCA, Delivery at Place (DAP), Delivery at Place Unloaded (DPU) and Delivered Duty Paid (DDP).”

The ICC is also introducing a mobile app for the 2020 incoterms that “includes a wide variety of informative features, including latest news updates, event information and training opportunities,” the ICC said. The ICC is also offering several incoterms training courses. The incoterms are available for purchase on the ICC website.