The Incoterm® rules are the world’s essential terms of trade for the sale of goods. The rules are a common set of rules and guidelines for traders around the world regardless of different practices or legal interpretations between traders.
The Incoterm® rules are published by the International Chamber of Commerce (ICC). The rules are maintained and developed every now and then, and Incoterms 2020 (the 9th version) was just recently released in September 2019.
Incoterms® 2020 will come into force by January 1, 2020, but they can already be used before if it is specified in the contract.
As per ICC, some of the noticeable changes in the Incoterms® 2020 include:
If you want to read more about the Incoterms® please visit ICC’s website by clicking here.