International Commercial Terms (Incoterms) 2020

International Commercial Terms (Incoterms) 2020

The International Chamber of Commerce (ICC) is set to launch a new version of the International Commercial Terms (Incoterms)—the standardised set of trade terms for the international sale and delivery of goods, widely accepted by governments and shippers worldwide. The new rules, which will update the 2010 version, will be published later in 2019 and will take effect on 1 January 2020. Parties involved in the international sale of goods should use the impending introduction of the new rules as an opportunity to review their existing contracts and standard delivery terms.