The Incoterms® rules are a globally-recognised set of standards, used worldwide in international and domestic contracts for the delivery of goods.
The rules have been developed and maintained by experts and practitioners brought together by ICC. They have become the standard in international business rules setting. The trade terms help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. The Incoterms® rules are recognised by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.
Launched in September 2019, Incoterms® 2020 will come into effect on 1 January 2020. Please note that all contracts made under Incoterms® 2000 and any other previous editions remain valid and parties to a contract for the sale of goods can agree to choose any version of the Incoterms® rules. However, we recommend using the most current version of the rules, Incoterms® 2020. Nevertheless, it is important to clearly specify the chosen version.