What’s new with Incoterms® 2020?
The world-renowned Incoterms® rules facilitate trillions of dollars in global trade every year. Incoterms® 2020 came into effect on 1 January 2020 superseding Incoterms® 2010. Notable changes are:
- Updates to the FCA (Free Carrier) rule regarding bills of lading
- Changes to the levels of insurance coverage required in CIF (Cost, Insurance and Freight) and CIP (Carriage and Insurance Paid to)
- A rename of the rule DAT (Delivered at Terminal) to DPU (Delivered at Place Unloaded)
- Improvements to security-related obligations