Incoterms towards a new route!
Incoterms, short for “International Commercial Terms” are standard trade definitions devised and published by the International Chamber of Commerce (ICC). These terms are used in international sales contracts to clearly establish the basis on which the seller will invoice the buyer. The terms identify the additional costs, over and above the cost of the goods, which the seller can include in their invoice. Their use in sales contracts act as a form of legal shorthand to clearly identify the responsibilities of both parties.
First published by the ICC in 1936, the Incoterms rules are revised from time to time. The latest revision, Incoterms 2010 came into force on 1 January 2011, replacing the previous version Incoterms 2000.
The International Chamber of Commerce (ICC) is preparing for the official release of Incoterms 2020 later this year. With the new technologies, government policies, and environmental regulations, participants in the global trade system require more guidance and clarity. Incoterms 2020 will provide a common framework for the future of trade.
(https://iccwbo.org/media-wall/news-speeches/icc-prepares-launch-incoterms-2020/)
The development of Incoterms 2020 saw extensive consultation among economists, lawyers and trade experts, as well as insight from ICC’s global network of national committees.
We asked ICC Italy to know more about the new edition: we’ve been said there are no available anticipations until the official launch.
While we are all looking forward to discover it, don’t hesitate to contact us for any information request about the current Incoterms version.
Contact us for any sea freight and air freight shipments!
