CLIENT ALERT

July 2019
   

 

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Incoterms Are Being Amended

Celebrating its Centenary throughout 2019, ICC announced that it is preparing to publish Incoterms 2020, in early September 2019, which will be the newest edition of the Incoterm rules, featuring terms such as FOB (“Free on Board”), DAP (“Delivered at Place”) EXW (“Ex Works”), CIP (“Carriage and Insurance Paid To”) similarly as the Incoterms 2010 which will still be in act until 1st January 2020 . ICC aims  to provide certainty and clarity to businesses trading across borders by translating Incoterms 2020 in 27 languages to benefit the understanding of users from around the world. ICC announced that access to essential information will be provided by a mobile application which will contain informative features, updates, information and training opportunities and access to verified experts who will provide online advice regarding Incoterms. In order to avoid in proper practices and misinterpretations of Incoterm rules, ICC also announced that it will organize training sessions via e-learning platforms and national committees in 20 countries.

ICC is aiming to comply with the everchanging and ever-growing nature of International commerce by exercising basic rules and trainings to prevent variational practices and interpretations regarding commercial activities by stipulating rules that qualify as universal, predictable and comprehensible.

For more information; (https://iccwbo.org/media-wall/news-speeches/icc-announces-launch-date-incoterms-2020/)