Business Terms and Conditions
As of January 1, 2020, new standardized INCOTERMS® 2020 terms and conditions issued by the International Chamber of Commerce (ICC) in September 2019 have come into effect. The INCOTERMS® 2020 rules are clearer compared to the 2010 version and offer more precise definitions of obligations and responsibilities.
Business Terms and Conditions
As of January 1, 2020, new standardized INCOTERMS® 2020 terms and conditions issued by the International Chamber of Commerce (ICC) in September 2019 have come into effect. The INCOTERMS® 2020 rules are clearer compared to the 2010 version and offer more precise definitions of obligations and responsibilities.
What are INCOTERMS®
INCOTERMS® (from the English International Commercial Terms) are a set of international rules for interpreting the most commonly used commercial terms in foreign as well as domestic trade. They were created in 1936 by the International Chamber of Commerce (ICC), which is also the owner of the INCOTERMS® trademark, with the aim of eliminating issues related to differences in business practices across various countries. As of January 1, 2020, the sixth version of these rules—INCOTERMS® 2020—has been in effect.
INCOTERMS® 2020: Transfer of risk from seller to buyer
What are INCOTERMS®
INCOTERMS® (from the English International Commercial Terms) are a set of international rules for interpreting the most commonly used commercial terms in foreign as well as domestic trade. They were created in 1936 by the International Chamber of Commerce (ICC), which is also the owner of the INCOTERMS® trademark, with the aim of eliminating issues related to differences in business practices across various countries. As of January 1, 2020, the sixth version of these rules—INCOTERMS® 2020—has been in effect.
INCOTERMS® 2020: Transfer of risk from seller to buyer