22 Jul INCOTERMS ®2020
The INCOTERMS rules @ICC are the most applied trade terms in the international trade commerce of goods. Although INCOTERMS aren’t mandatory, they act as guidelines on the import export operations and establish each intervenient responsibilities.
INCOTERMS define each intervenient ’s responsibilities, for example who is responsible for the transport contract, insurance and documents. Incoterms also define the exact time when the responsibility of one intervenient passes to the other. At last INCOTERMS state who will be the intervenient that will support each of the costs related to the commercial operation.
ICC (International Chamber of Commerce) established an update starting 2020, being the main changes the mentioned below:
- a) FCA (Free Carrier) that allows BL to be issued after loading.
- b) A new sort of costs (A9 and B9) with the main goal of presenting each intervenient an unique list of costs.
- c) Different insurance coverage levels on CIF and CIP.
- d) Allows Seller or Buyer to arrange for the transport at FCA, DAP, DPU or DDP.
- e) DAT (Delivered at Terminal) that will start called as DPU (Delivered at Place Unloaded).
- f) All 2020 rules now include the security rules on the obligations and costs with the transport.
- g) The inclusion of explanation notes for the users.