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Release of Incoterms 2020

Release of Incoterms 2020

Hungary
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On 10 September 2019 the newest edition of Incoterms rules, Incoterms 2020 was released by the International Chamber of Commerce (ICC). The Incoterms rules serve as significant commercial provisions for the international sale of goods, including commonly accepted definitions and rules relating to the delivery of goods between trading partners. Since the first publication of Incoterms rules in 1936, ICC has revised regularly these rules to follow the changes in the worldwide trade system.

Aiming at the clarity and certainty in the international trade, Incoterms 2020 contains more detailed explanative notes and enhanced graphics to present the responsibilities of importers and exporters for each Incoterms rule. Incoterms 2020 also provides guidelines for the selection of the most appropriate Incoterms rule for a given transaction and for the relationship of the sales agreements with ancillary contracts.

Compared to Incoterms 2010, the main changes of Incoterms 2020 are for example that the new rules determine different levels of insurance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP). Furthermore, Incoterms 2020 contains arrangements for carriage with own means of transport in Free Carrier (FCA), Delivered at Place (DAP), Delivered at Place Unloaded (DPU), and Delivered Duty Paid (DDP).

By Lidia Suveges, Junior Associate, KCG Partners Law Firm

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

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