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Incoterms® 2020
Incoterms® (International Commercial Terms) are a set of rules for the specification of commonly used contractual commercial terms in foreign trade. They were first developed and implemented by the International Chamber of Commerce (ICC) in 1936. The present version is Incoterms® 2020 (8th revision).
Incoterms® are rules on sales contract level. They specify the division of costs relating to freight, insurance premium, import and export duties etc. between the seller and the buyer and also regulate the question of the transfer of risk between these two contracting parties.
The agreement of Incoterms® in sales contracts avoids or at least significantly limits the different interpretation of commercial terms in the various countries.
For details please follow the link to the INCOTERMS® 2020 conditions. More links: International Chamber of Commerce
