Incoterms® rules in action
The Incoterms® 2020 rules 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.
As an example of why we are working with ICC and the Incoterms® rules…if you think about trade now having millions, if not billions, of sensors, you can see if there’s been an execution of a trade…we’re now able to use technology where there was previously a lot of guesswork and uncertainty.
The most important part of the Incoterms® rules is that they really adapt to the parties’ needs. The moment they stop adapting, they will stop becoming useful…international trade does not have the luxury to have terms that are out of date.
The importance of the Incoterms® rules has not been realised by most traders. We have a huge responsibility to get the knowledge out. It’s fine when nothing goes wrong, but when something does, then arguments develop [and] somebody loses…Incoterms® 2020 will help people understand their obligations, responsibilities and risks.
On the ground
“A Day in the Life of the Incoterms® Rules” is a specialised podcast series highlighting stories from our global trade terms users. Tune into our bi-weekly interviews to hear ICC’s Tim Conley exchange with multinational corporations, micro-small-, and medium-sized enterprises, importers, exporters, bankers, chambers of commerce, law firms, students and more to understand the daily importance of the Incoterms® rules and their global reach. All episodes are available on Soundcloud, Spotify and Apple Podcasts.
|A Day in the Life of the Incoterms® Rules with Daniela Maria Rojas Garcia
Hear from Daniela Maria Rojas Garcia, an LLM Candidate from Leiden University, as she discusses the future of the Incoterms® rules in space. Listen here
|A Day in the Life of the Incoterms® Rules with Bob Ronai
We spoke with Incoterms® 2020 Drafting Group member, Bob Ronai, to learn about the two-year journey to finalise the latest edition of the Incoterms® Rules. Listen here
In the news
From the Free Carrier (FCA) Incoterms® rule to the Delivered at Place Unloaded (DPU) term and Cost Insurance and Freight (CIF), gain a wide range of knowledge and stay up-to-date on our universal commercial rules through our dynamic news articles.
|ICC releases the much-anticipated Incoterms® 2020
ICC published Incoterms® 2020 on 10 September 2019, the newest edition of the renowned trade terms for the delivery of goods. Explore all the new updates and how they provide certainty and clarity to traders worldwide. Read here
|Three ways to spot fake Incoterms® rules information
ICC has been responsible for the creation and maintenance of the Incoterms® rules since their release over 80 years ago. To help avoid costly mistakes, here are three tips to avoid inaccurate or misleading information on Incoterms® 2020. Read here