What is an Incoterm®? What’s new on the 2020 update released by the ICC?
On January 1, 2020, new updates to the International rules for the interpretation of trade terms, known worldwide by the trademark Incoterms®, were released by the International Chamber of Commerce (ICC).
By then, Bob Ronai, a member of the Incoterms® 2020 Drafting Group made a remarkable comment: “The importance of the Incoterms® rules has not been realized by most traders. We have a huge responsibility to get the knowledge out. It’s fine when nothing goes wrong, but when something does, then arguments develop [and] somebody loses… Incoterms® 2020 will help people understand their obligations, responsibilities and risks.”
To help the ICC “get the knowledge out” we have edited, specially for our Europartners Group community, a webinar and an e-book presenting the main rules and comments on this year’s update.
Check the complete list here and download free our e-book (in Spanish) to learn the details:
2020’s Incoterms® are:
EXW – Ex Works
FCA – Free Carrier
CPT – Carriage Paid To
CIP – Carriage And Insurance Paid To
DAP – Delivered At Place
DPU – Delivered At Place Unloaded
DDP – Delivered Duty Paid
FAS – Free Alongside Ship
FOB – Free On Board
CFR – Cost And Freight
CIF – Cost Insurance And Freight
Watch Europartners Group complete webinar recording
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