INCOTERMS 2020 has now been released to the general public. The rule changes are not quite as wide-ranging as the 2010 release. The 2020 release is an attempt by the ICC to focus on how the presentation of the rules could be enhanced within the INCOTERMS 2020 guide book and directing the users toward the best INCOTERM for their transaction.
Besides the formatting changes, there are some material changes to the INCOTERMS. The most important changes are:
Bills of Lading with an on-board notation and the FCA Incoterms rule.
Costs and where they are listed
Different levels of insurance cover in CIF and CIP
Arranging for carriage with seller’s or buyer’s own means of transport in FCA, DAP, DPU, and DDP
Change in Incoterm from DAT to DPU
Inclusion of security-related requirements within carriage obligations and costs.
Explanatory Notes for Users