The ten year review of Incoterms was completed last month with the publication of Incoterms 2020
These now become the legal trading terms and replace Incoterms 2010.
Some of the highlights of the revised terms are:-
a)A change of the three-letter name for Delivered at Terminal (DAT) to Delivered at Place Unloaded (DPU)
b)Includes arrangements for carriage with own means of transport in FCA, Delivered at Place (DAP), Delivered at Place Unloaded (DPU) and Delivered Duty Paid (DDP)
c)Includes security-related requirements within carriage obligations and costs
d)Aligns different levels of insurance covergae in Cost Insrance & Freight (CIF) and Carriage & Insurance Paid to (CIP)
The International Chamber of Commerce (ICC) warns users of Incoterms to be very wary of anything other than the official ICC guidance. Companies that rely on other sources of information found online could be faced with adverse consequences to their business and to their insurers. The ICC have issued a new publication of Incoterms 2020 which can be obtained from the ICC Bookshop. For further information please contact our team.