What Is Incoterms® 2020?
Incoterms® 2020 are international rules that determine the responsibility of buyers and sellers in international trade, in terms of delivery of goods under sales contracts.
Incoterms rules are trade terms abbreviated to the first three letters that reflect entrepreneurial practice in the international supply of goods. These rules determine how costs and risks are distributed between the parties.
The first Incoterms edition was published by the International Chamber of Commerce (ICC) in 1936. Further, in connection with changes in trading parameters and the emergence of new delivery methods, Incoterms rules also changed.
Since 1980, Incoterms rules have been reviewed every 10 years.