In international and domestic trade, it is often required to regulate the allocation of rights and obligations between the parties briefly and clearly. For this purpose, the internationally recognized Interna-tional Commercial Terms (Incoterms) are often used. These are provisions regulating important rights of purchasers and sellers, in particular the allocation of risk of loss, but also of the responsibilities with regard to transport, insurance as well as costs.
The currently valid Incoterms, the Incoterms 2010, entered into force on 1 January 2011 and covered current developments in commercial practice and transport at the time. Now, the International Chamber of Commerce is about to publish its latest amendments, introducing the Incoterms 2020, which will become effective 1 January 2020. This White Paper briefly describes the current Incoterms 2010 as well as the most likely amendments to be expected with the new Incoterms 2020.
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June 272022