The International Chamber of Commerce have published new Incoterms® 2020 that have come into effect from the 1st of January 2020. The ICC originally published Incoterms® in 1936 and have continually made updates to reflect the changes to the Global Trade environment. It’s important that all parties involved in trade clearly understand the changes and how they apply to global supply chains.
Incoterms® play such a vital role in the world of global trade. Incoterms® 2010 or Incoterms® 2020 may seem complicated, but it’s imperative that buyers and sellers clearly understand how they work and their own obligations along the supply chain. In this article we explain the updates made and provide simple explanations, along with an Incoterms® infographic to explain Incoterms® 2020.
Note: The content of this article and chart is only for general information purposes and shall not in any circumstances be considered bespoke legal advice or professional advice.