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Incoterms 2020

Incoterms 2020

Four important innovations include Incoterms 2020, which support the management of international trade transactions.

First of all, the most important thing: like all previous versions, Incoterms 2020 are not mandatory for international trading transactions. However, according to the ICC , the latest versions of the Incoterms apply to 90% of all international contracts.

  • DAT will become DPU, whereby in future any agreed place can be the destination.
  • There are new options for FCA sea freight: the buyer and the seller can agree that the buyer will instruct his carrier to issue a bill of lading to the seller after the goods have been loaded. At the same time, the seller is obliged to hand over this on-board bill of lading to the buyer.
  • The “all-risk” cover now applies to CIP, although CIF continues to be subject to the standard insurance obligation with a minimum amount of cover.
  • Incoterms 2020 now offer the option of either concluding a transport contract or simply organizing the necessary transport yourself. The commissioning of third parties is not mandatory anymore.