ICC Official Rules for the Interpretation of Trade Terms
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The first Incoterms® rules were released in 1936 by the International Chamber of Commerce. They caused a sensation in the business world by bringing coherence to a commercial and judicial system that changed from country to country. ICC’s Incoterms® help traders avoid misunderstandings and disputes by clarifying the costs, risks, and the allocation of certain responsibilities of buyers and sellers in contracts for the sale of goods.
Incoterms® 2020 continues an 80-year ICC tradition and reflects the latest developments in commercial practice and updates, and consolidates some of the former rules. Changes made to the rules have been made to adapt the terms to new developments in world trade.
The updated Incoterms® 2020 will be released in Fall 2019, with implementation starting on January 1, 2020.
More details to come.