International Trade Rules, widely known as Incoterms, are updated every ten years. Incoterms define the conditions for the worldwide exchange of goods, namely the allocation of costs and obligations between the buyer and the seller. The latest Incoterms 2020 came into force on January 1, 2020. Of the eleven existing rules, especially two, are widely used in import – FOB and CIF. Check what the differences between Incoterms 2020 FOB and CIF are.Continue reading
International Incoterms commercial rules set the terms of sale and purchase. International Chamber of Commerce introduces modifications every decade to clarify ambiguities and adapt the rules to changes in international trade. Currently, the Incoterms 2010 rules are in force, but the proposals for Incoterms 2020 changes have already been presented. ICC will announce the set of new rules at the end of 2019. On January 1, 2020 they will come into force. Knowledge of them is crucial when placing an order and signing a contract with a Chinese partner. We describe the planned changes so that you can prepare for the introduction of Incoterms 2020.