INCOTERMS 2020 Explained. Learn about changes.
Video Duration: 00:09:31
Incoterms® 2020 have been updated, read and download the new Incoterms® chart here: http://importano.com/icc-incoterms-2020/
The International Chamber of Commerce (will shorten it as ICC in the rest of the article.) has released the “ICC Incoterms® 2020” on September 10, 2019.
Basically it’s the updated version of ICC Incoterms® 2010 include international trade terms for the sale of goods. Incoterms® represent sellers and buyers responsibilities engaged in cross-border trade. These are the standards regarding the delivery terms created by the “ICC”.
Incoterms® 2020 rules include a total of 11 delivery terms:
EXW – EX Works
FCA – Free to Carrier
FAS – Free Alongside Ship
FOB – Free On Board
CFR – Cost and Freight
CIF – Cost, Insurance and Freight
CPT – Carriage Paid To
CIP – Carriage and Insurance Paid To
DAP – Delivered At Place
DPU – Delivered at Place Unloaded
DDP – Delivered Duty Paid
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