The International Chamber of Commerce (ICC) recently launched the Incoterms® 2020 App and has so far seen 10,000 downloads of what it describes as the only official tool that brings together essential information and insight regarding the commercial trade terms in one, easy-to-access location.
An acronym for “international commercial terms”, Incoterms® features abbreviations for terms such as DPU (Delivered at Place Unloaded), EXW (Ex Works) and CIP (Carriage and Insurance Paid To) — all of which have precise meanings for the sale of goods around the world.
The 11 Incoterms® rules define important responsibilities of buyers and sellers for the delivery of goods under sales contracts and serve as authoritative rules for determining how costs and risks are allocated to parties.
Downloading the app will, the ICC suggests, make it easier to understand which trade term to include in sales contracts, depending on the mode of transport (air, rail, road, sea or a combination thereof).
It also makes it possible to connect with ICC’s global network of experts to get advice on the most pressing Incoterms® 2020 rules questions affecting a particular business.
The app is available free of charge from either the Apple app store or Google Play here.
It can be loaded onto desktops, tablets or phones.
Last reviewed 29 November 2019