INCOTERMS

INcoterms Explained:

International commercial terms for shipping

Incoterms 2020

From 1 January 2020, revised Incoterms will come into effect worldwide. In order to inform you of the changes, we have summarised all of the relevant information into an overview:

FCA, if agreed in the contract, the buyer must instruct its carrier to issue a bill of lading to the seller
Different level of insurance for CIP and CIF, CIP cargo clause “A” CIF cargo clause “C”
The seller or buyers can now arrange the carriage with their own mean of transport under FCA, DAP, DPU, and DDP
Change of the three letters DAT to DPU, Delivered At Terminal to Delivered Place Unpacked
Inclusion of security related requirements within the carriage obligation and costs

Pursuant to the ICC, Incoterms may be applied to both domestic and to international purchase contracts. If you have any questions or if we can assist in any other way, please get in contact with us. Source: Incoterms 2020 by International Chamber of Commerce The Incoterms® are published by the International Chamber of Commerce (ICC) Only the text version published by the ICC is binding!

Incoterms 2020

From 1 January 2020, revised Incoterms will come into effect worldwide. In order to inform you of the changes, we have summarised all of the relevant information into an overview:
• In the future, instead of 13 clauses, there will only be 11.
• These are divided into two categories:
  • Clauses for all types of transport: EXW, FCA, CPT, CIP, DAT, DAP, DDP
  • Clauses for sea and inland water transport: FAS, FOB, CFR, CIF
• The DAT and DAP Incoterms replace the former clauses DEQ, DAF, DES and DDU.• Pursuant to Incoterms 2020, for clauses FOB, CFR and CIF, goods are regarded as having been delivered as soon as they are on board the ship, and not as previously, at the reeling of the ship.• Pursuant to the ICC, Incoterms may be applied to both domestic and to international purchase contracts. If you have any questions about the innovations or if we can assist in any other way, please get in contact.Source: Incoterms 2010 by International Chamber of CommerceThe Incoterms® are published by the International Chamber of Commerce (ICC) Only the text version published by the ICC is binding!