Incoterms® is an abbreviation for “International Commerce Terms” which are published by the International Chamber of Commerce (“ICC”) based in Paris, so as to regulate global commercial and legal disputes, plus, determine the distribution of risks and responsibilities of the buyer and seller within the scope of international commerce.
It’s very first edition was published in 1936 and subsequently had been revised and updated in 1990, 2000 and 2010. The newest edition of Incoterms® rules is published by ICC as Incoterms® 2020 on September 10, 2019 and will enter into force on January 1, 2020. That is to say, as from 1st of January 2020, Incoterms® clauses stated under contracts shall be deemed to be referred to Incoterms® 2020 rules.
Incoterms® 2020 was drafted by a Committee of Experts which, for the first time, included representatives from China and Australia. Committee met periodically in order to discuss and resolve different issues regarding international trade addressed from 150 members of ICC and its lawyers, traders and company representatives.
According to ICC’s announcement dated September 10, 2019, Incoterms® 2020, is available in no fewer than 29 languages is available for purchase through ICC’s e-commerce platform. It contains detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters for each Incoterms® rule.
You may reach ICC’s announcement hereby.
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