The International Chamber of Commerce (ICC) announces the launch date for Incoterms 2020. ICC will release the Incoterms 2020 in early September 2019 which will provide certainty and clarity to businesses trading across borders around the world.
Incoterms (International Commercial Terms) was first developed by the ICC in 1936 in an attempt to simplify communicational shortfalls involved with international trade. Incoterms are a set of pre-defined rules to determine the contractual clause for global commercial sales. Using Incoterms assists the Consignee and the Shipper in determining who will pay for various aspects of transportation and trade compliance charges.
ICC celebrates its 100th year and will announce the latest Incoterms revision, Incoterms 2020, in September 2019. The Incoterms 2020 come into effect on 1 January 2020.
Every 10 years the ICC always completes a review and update of Incoterm definitions. The revisions provide a way for Incoterms to accurately reflect present-day trade practices. From September users will be able to adapt, prepare and train their business for when Incoterms 2020 will come into effect.
ICC is offering many new ways to make Incoterms 2020 convenient for all users.
Incoterms 2020 rules in choice of format:
To make sure Incoterms 2020 convenient and accessible for all users, ICC will offer the new edition in a range of digital and hard copy. Worldwide National committees for ICC will provide the translated versions of Incoterms to ensure the user can understand it. ICC is already working to prepare the Incoterms 2020 in 27 languages.
ICC is planning to make a mobile application dedicated to Incoterms 2020 that will give easy access to essential information of the rules. The application will be available for iOS and Android both the platforms.
ICC will provide the online training sessions to make users understand the rules better and how they should be used by anyone and anywhere. Users can get a 15% discount on the Incoterms 2020 Certificate training course fee signing up before 9 August 2019.