The International CHamber of COmmerce updated the Incoterms for the First time in a decade. The new Incoterms 2020 have some major changes over the 2010 Incoterms and it’s important that you know what is new.
Incoterms are created by the International Chamber of Commerce (ICC) to dictate when and how a shipment is to be handed off between a buyer and a supplier. The ICC updated the terms into what is called Incoterm 2020. Incoterms also define who is expected to pay the insurance and when the transfer of risk happens between the buyer and the seller. This is the first time that the Incoterms drafting group has included representatives from China.