The International Chamber of Commerce (ICC) has released its revised list of international shipping terms, and effective January 1, 2020, Incoterms® 2020 become the new rules of the road. Because of Incoterms, buyers and sellers around the world have a shared understanding of what constitutes “delivery” for example, and which party is responsible for unloading a vehicle, and who is liable for certain payments. The ICC updates Incoterms to ensure Incoterms reflect current trade practices. A new white paper from Purolator International, Incoterms®2020 – Revised Rules for International Shipping, provides background information to help shippers understand the important role Incoterms play in international shipping.
Please click here for a complimentary copy of the white paper.