Summary

Since their inception in 1936, the International Commercial Terms (Incoterms® rules) have been amended by the International Chamber of Commerce (ICC) eight times (1953, 1967, 1976, 1980, 1990, 2000, 2010 and 2020).

The amendments are generally to ensure that the terms keep up to date with trade developments and common practices. Since the last revision in 2010, much has changed in global trade and, for UK/EU companies especially, uncertainty about future trading agreements means contract terms must be resilient and effective to minimise disruption to trade. It was deemed necessary to up-date the 2010 terms to take into account the trend of closer alignment on trade within certain regions (eg ASEAN region, Eurasian Economic Union, etc), the increased use of electronic communications in business transactions and changes in transport practices. It is the changes in these areas, including greater supply chain security, that has made the 2020 set necessary.

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