The new 2020 Incoterms to replace the current 2010 versions are now published. When negotiating freight terms in contracts it is important to be clear which Incoterms are being used. If not specified from the 1st January it will be assume that the new version applies. Efforts have been made by International Chamber of Commerce (ICC) to make the terms much easier to use. They have adopted a new layout in the hope of reducing the common error of using the wrong Incoterms. Often both shippers and buyers have not released they are selling or buying under the wrong term until something goes wrong.

The new format endeavours to make it much easier to establish the differences and the responsibilities which each Incoterm comes with.

It is important for all shippers and buyers remember Incoterms are contractual and failure to supply the goods under these terms or as a buyer understand which term you are buying on may leave you liable for additional costs

The international Chamber of Commerce have highlighted the following rule changes:

Our Incoterms will be update to reflect the new 2020 terms.