Way back in 2016, we mentioned that a new update was in progress with implementation scheduled for 2020. This update was considered necessary in order to keep pace with the ever-evolving global trade landscape.
The ICC first published Incoterms® in 1936 with revisions in 1953, 1967, 1974, 1980, 1990, 2000 and 2010 (in effect from 1st January 2011).
The rules include more detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters for each Incoterms® rule. The introduction to the rules includes a more detailed explanation on how to choose the most appropriate Incoterms® rule for a given transaction, or how a sales contract interacts with ancillary contracts.
The ICC will, in due course, produce updated ‘Guidance Notes' in conjunction with Incoterms® 2020.