Education
Anyone who practises in the field of international commercial law, or is a student of it, will almost certainly already be familiar with acronyms and abbreviations such as ‘FOB’ (which stands for ‘free on board), ‘CIF’ (‘cost, insurance and freight’), FCA (‘free carrier’), and EXW (‘Ex Works’). They are just four of a number of Incoterms – more formally, international commercial terms – which are a set of internationally recognised contractual provisions which have been developed and published by the International Chamber of Commerce (the ‘ICC’), an organisation based in Paris, France. In September 2019, the ICC published Incoterms ® 2020, which update the previous version, Incoterms ® 2010, and which will come into force on 1st January 2020.In this podcast, we will briefly look at the history of the ICC and ‘Incoterms’, before considering one or two of the key changes that will come into effect on the 1st January 2020 and also some considerations of ‘best practice’ when it comes to using Incoterms ® 2020.