The International Chamber of Commerce (ICC) announces the launch date for Incoterms 2020. ICC will release the Incoterms 2020 in early September 2019 which will provide certainty and clarity to businesses trading across borders around the world.
Incoterms (International Commercial Terms) was first developed by the ICC in 1936 in an attempt to simplify communicational shortfalls involved with international trade. These are a set of pre-defined rules to determine the contractual clause for global commercial sales.
Incoterms were published by the International Chamber of Commerce to make sure a universal rule for container shipping rates. By the Incoterms Consignee and the Shipper decides who is going to pay for what? When you look for container shipping rates, you must always keep Incoterms in mind.
ICC celebrates its 100th year as the world business organization and will announce the Incoterms 2020 in September 2019. The Incoterms 2020 come into effect on 1 January 2020.
ICC always does a revision in Incoterms rules in the first year of the decade. Now as 2020 is the first year of next decade, so ICC drafted a new updation in Incoterms. The revisions are made to make sure that it clearly and accurately reflects present-day trade practices. From September users will be able to adapt, prepare and train their business for when Incoterms 2020 will come into effect.
ICC is offering many new ways to make Incoterms 2020 convenient for all users.
Incoterms 2020 rules in choice of format:
To make sure Incoterms 2020 convenient and accessible for all users, ICC will offer the new edition in a range of digital and hard copy. Worldwide National committees for ICC will provide the translated versions of Incoterms to ensure the user can understand it. ICC is already working to prepare the Incoterms 2020 in 27 languages.
ICC is planning to make a mobile application dedicated to Incoterms 2020 that will give easy access to essential information of the rules. The application will be available for iOS and Android both the platforms.
ICC will provide the online training sessions to make users understand the rules better and how they should be used by anyone and anywhere. Users can get a 15% discount on the Incoterms 2020 Certificate training course fee signing up before 9 August 2019.