The 2020 Incoterms will be eleven again

By 17 September, 2019 News

On January 1st. Next year, 2020, the eighth revision of the Incoterms rules, the most recognized worldwide standard for determining the rights and obligations of both the seller and the buyer in international trade, will take effect, with a key impact, therefore, on the logistics field.

A few days ago the International Chamber of Commerce (ICC for its acronym in English and entity responsible for the development of the Incoterms) has begun to make official the content of a new update that, despite the rumors of recent months, does not offer changes transcendental, since the maximum of “if not broken don’t fix it” has been applied (if it isn’t broken don’t fix it). And is that any review of the Incoterms has always been accompanied in the imminent years to its publication of a period of speculation, partly because of the secrecy with which the ICC manages the process, partly because of the expectation generated by the new changes. Finally, and although there has been a lot of rumorology of changes, the review of Incoterms 2020 has not been so radical.

1.- EXW: Ex Works (En fábrica).
2.- FCA: Free Carrier (Franco Transportista).
3.- CPT: Carriage Paid To (Transporte pagado hasta).
4.- CIP: Carrier and Insurance Paid To (Transporte y Seguro pagados hasta).
5.- DPU: Delivered at Place Unloaded (Entrega en lugar convenido y derechos no pagados).
6.- DAP: Delivered at Place (Entrega en lugar convenido).
7.- DDP: Delivered Duty Paid (Entrega derechos pagados).
8.- FAS: Free Alongside Ship (Franco al costado del buque).
9.- FOB: Free On Board (Franco a bordo).
10.- CFR: Cost And Freight (Coste y Flete).
11.- CIF: Cost, Insurance And Freight (Coste, Seguro y Flete).