Updated Incoterms® 2020 Rules will go into effect January 1, 2020. The International Chamber of Commerce (ICC) set out to make Incoterms® 2020 easier to access and use and has included detailed examples of the responsibilities for both importers and exporters under each rule. Incoterms® are the internationally recognized standard for both international and domestic contracts for the sale of goods. The rules are developed and maintained by experts and practitioners brought together by the ICC and are the standard in international business rules setting trade terms to help traders avoid costly misunderstandings and identify which fees and potential liabilities can impact the price of their goods. How you may be affected with Incoterms® 2020. Shippers should review and identify what Incoterms their business typically uses and once understood, check to see if they are in alignment with the changes introduced by Incoterms® 2020 and what impact they could have on their shipping. With one exception, everyone should be familiar with these 11 universally recognized terms subdivided into two categories or ‘mode of transport’: Rules for any mode or modes of transport:
Rules for sea and inland waterway transport:
What changed? A new Incoterm DPU (Delivered at Place Unloaded) has been created to replace DAT (Delivered at Terminal). DPU is the only Incoterm in which the goods are delivered unloaded at the place of destination. The ICC renamed this term because at times, the buyer and/or seller want the delivery of goods to occur somewhere other than a terminal. This is the only term that tasks the seller with unloading the goods. What’s new? As compared to 2010, Incoterms 2020 has also revamped its formatting and arrangement. Here’s a quick look at what’s new in Incoterm 2020 rules.
“Explanatory Notes for Users” for each Incoterm® have replaced the 2010 edition’s Guidance Notes and are designed to be easier for users. As with all trade compliance, it is important that all involved in international trade gain a thorough understanding of the amended Incoterms 2020 rules set to roll out on the first of the new year. For a simplified visual guide, download DB Schenker’s Incoterms 2020 At a Glance or for more information, reach out to your local DB Schenker representative. Take any of our new Incoterms® 2020 courses and learn from the experts, what changes have been made and how to apply the rules. Click here. https://tradesolutions.dbschenkerusa.com/training/incoterms-training/ “The Incoterms® Rules are protected by copyright owned by ICC. Further information on the Incoterm® Rules may be obtained from the ICC website [insert hyperlink]. Incoterms® and the Incoterms® 2020 logo are trademarks of ICC. Use of these trademarks does not imply association with, approval of or sponsorship by ICC unless specifically stated above. “ Incoterms 2020 – What You Need to Know as a Shipper syndicated from https://topmoversblog.wordpress.com/ via Tumblr Incoterms 2020 – What You Need to Know as a Shipper
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