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Transport, Shipping and International Trade Web-course: “Review of Incoterms 2020 rules’ changes”

26/ 05/ 2020
  Incoterms rules are an important element of international supply agreements, as they inform the parties of obligations, risks and costs. Every 10 years, the International Chamber of Commerce (ICC) reviews Incoterms to meet current market conditions. At the 16th webinar of Transport, Shipping and International Trade Web-Course, we conducted a detailed review of key changes that came into force on January 1, 2020. During the meeting we focused on the comparative charactic of the rules in the 2010 and 2020 editions. In particular, talked in more detail about  the updated possibilities of using the FCA basis, cost allocation, safety requirements, use of own transport, etc. As a result, over the past 10 years, DAT has been renamed Delivery at Place of Unloading (DPU), and the FCA now allows the seller to obtain an on-board bill of lading. Moreover, according to the new version of the rules, the terms of delivery of CIF and CIP provide for a new standard of insurance conditions. Also, please, note that the adoption of the new Incoterms edition does not preclude the parties to the contract from using the rules and supply basises of the previous Incoterms rules version. In case that the appropriate clause is made at the contract. And, of course, the adoption of a new version of the rules will not affect the distribution of rights and obligations of the parties under already concluded contracts.

Incoterms rules are an important element of international supply agreements, as they inform the parties of obligations, risks and costs. Every 10 years, the International Chamber of Commerce (ICC) reviews Incoterms to meet current market conditions.

At the 16th webinar of Transport, Shipping and International Trade Web-Course, we conducted a detailed review of key changes that came into force on January 1, 2020. During the meeting we focused on the comparative charactic of the rules in the 2010 and 2020 editions. In particular, talked in more detail about  the updated possibilities of using the FCA basis, cost allocation, safety requirements, use of own transport, etc. As a result, over the past 10 years, DAT has been renamed “Delivery at Place of Unloading” (DPU), and the FCA now allows the seller to obtain an on-board bill of lading. Moreover, according to the new version of the rules, the terms of delivery of CIF and CIP provide for a new standard of insurance conditions.

Also, please, note that the adoption of the new Incoterms edition does not preclude the parties to the contract from using the rules and supply basises of the previous Incoterms rules version. In case that the appropriate clause is made at the contract. And, of course, the adoption of a new version of the rules will not affect the distribution of rights and obligations of the parties under already concluded contracts.

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