The International Chamber of Commerce (the ICC) has released Incoterms® 2020.
This update to the current Incoterms® 2010 modernises and provides clarifications to the common set of rules and guidelines used globally by those involved in the import and export of trade to ensure universal understanding of contract terms.
From 1st January 2020, if a contract contains Incoterms® but does not specify which version of the rules applies, then the new 2020 terms will apply.
The ICC have released a free app which gives a basic summary of the rules along with news and podcasts on how to use them.
For further information please click here to read an overview of the main changes by David Lowe, Partner at international law firm Gowling WLG and the Global Co-chair of the Incoterms® 2020 drafting group.
If you have any questions about the new rules then please do not hesitate to contact us.
Incoterms® and the Incoterms® 2020 logo are trademarks of ICC. Use of these trademarks does not imply association with, approval of or sponsorship by ICC unless specifically stated above. The Incoterms® Rules are protected by copyright owned by ICC. Further information on the Incoterm® Rules may be obtained from the ICC website www.iccwbo.org.