EvoLog consultancy
INCOTERMS®
New standardised INCOTERMS® 2020, issued by the International Chamber of Commerce in September 2019, became effective on 1 January 2020. Compared to the 2010 version, INCOTERMS® 2020 are clearer and offer more exact definitions of obligations and responsibilities.
What are INCOTERMS®
INCOTERMS® rules or International Commercial Terms are a set of international rules for the interpretation of business clauses most frequently used in international and domestic business. They have been issued by the International Chamber of Commerce (ICC), who is the owner of a registered trademark of INCOTERMS®, since 1936 with the aim of eliminating issues related to differences between the commercial codes of various countries. The sixth version of these rules – INCOTERMS® 2020 – has been effective since 1 January 2020.
INCOTERMS® 2020: Transfer of risk from the seller to the buyer
