In brief - What does this mean for international traders?
The standard international trading terms produced by the
International Chamber of Commerce have now been updated and
Incoterms 2020 will come into widespread use from 1 January
2020.
What are Incoterms?
The Incoterms are a standard set of trading term rules that
explain the most commonly used terms of international trading terms
in contracts for sale and purchase of goods. They describe
obligations - who is responsible to do what. They describe where
and when risk passes from seller to buyer and they describe the
responsibility for costs in the supply chain.
What they are not is a replacement of a contract of sale. For
example, they do not deal with specifications for the goods,
payment arrangements, remedies for breach of the sale contract or
what is to happen in the event of a dispute.
