What are Incoterms?
Incoterms - a.k.a. Trade Terms are key elements of international contracts of sale. They tell the parties what to do with respect to carriage of the goods from buyer to seller, and export & import clearance. They also explain the division of costs and risks between the parties.
The ICC has launched the Incoterms 2020, which is effective from the 1st of January 2020. The Incoterms 2020 does not contain major changes, it is providing more clarity on how to use the Incoterms. The most important difference is in the Incoterms 2020 a new Incoterm DPU (Delivered at Place Unloaded) replaces the Incoterms DAT (Delivered at Terminal). The place of destination can be any place and does not have to be a terminal.
What does this all mean?
Here is a simple explanation of all terms:
For All Modes of Transport
Ocean Transportation Only
INCO Terms get updated periodically. The full current list of INCO Terms (2020) is available for purchase on the ICC website. Download Mainfreight's Incoterms 2020 Quick Reference Guide here.
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