Incoterms® 2020 have been launched!

September 20, 2019

Incoterms® 2020 have been launched! 

 

Incoterms® rules apply to the trade for the sales of goods worldwide, the rules are in place to clarify the responsibilities of the buyer and the seller/shipper in the international shipments of global goods. The guidance provided gives support to individuals and companies participating in the import and export of global trade. 

What is new in the newest version of Incoterm® 2020? 

- Provides for demonstrated market need in relation to bills of lading (BL) with an on-board notation and the Free Carrier (FCA) rule.

- Aligns different levels of insurance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid to (CIP).

- Includes arrangements for carriage with own means of transport in Free Carrier (FCA), Delivery at Place (DAP), Delivery at Place Unloaded (DPU), and Delivered Duty Paid (DDP).

- There is a change in the three-letter name for Delivered at Terminal (DAT) to Deliver at Place Unloaded (DPU).

- Includes security- related requirements within carriage obligations and costs. 

'Incoterms® 2020 rules make business work for everyone by facilitating trillions of dollars in global trade annually. Because they help importers and exporters around the world to understand their responsibilities and avoid costly misunderstandings, the rules form the language of international sales transactions, and help build confidence in our valuable global trading system.' ICC Secretary General John W.H. Denton AO

Crane Worldwide Logistics will keep you informed on all the latest news on Incoterms in an upcoming webinar relating specifically to the new changes, watch this space and keep informed. In the meantime, if you have any questions please reach out via the request a quote form below. 

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