ICC (International Chamber of Commerce) has released the new INCOTERMS® 2020 in mid-September 2019.

The term, Incoterms®, is an abbreviation for International Commercial Terms. They are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts for domestic and international trade.
Incoterms® are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions.

Incoterms® provide a common set of rules to clarify responsibilities of sellers and buyers for the delivery of goods under sales contracts. They apportion transportation costs and responsibilities associated with the delivery of goods between buyers (importers) and sellers (exporters) and reflect modern-day transportation practices. Incoterms® significantly reduce misunderstandings among traders and thereby minimize trade disputes and litigation.

Understanding Incoterms® is a vital part of international trade for both the buyer, the seller, the trader and shipping service providers. Incoterms® rules determines the exact geographical point where risk and cost are transferred and determines the obligations of the two parties in the contract of sale.

We offer a 1 day course that provides a complete understanding of Incoterms® rules 2020 standards according to the International Chamber of Commerce.