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What are Incoterms?

Incoterms - stands for international commercial terms. They are the world’s essential terms of trade for the sale of goods. They tell the parties what to do with the carriage of the goods from buyer to seller, and export and import clearance. They also explain the division of costs and risks between the parties.

The International Chamber of Commerce (ICC) has been publishing the Incoterms since its founding in 1919. The difference between the Incoterms 2000 and the 2010 version was the reduction in the numbers of Incoterms from 13 to 11. Four Incoterms (DAF, DES, DEQ, DDU) have been replaced by two new Incoterms DAT, DAP.

The ICC has launched the Incoterms 2020, which is effective from the 1st of January 2020. The Incoterms 2020 does not contain major changes but does provide more clarity on how to use the Incoterms. The most important difference in the Incoterms 2020 is a new Incoterm DPU (Delivered at Place Unloaded) which replaces the Incoterms DAT (Delivered at Terminal). The place of destination can be any place and does not have to be a terminal.