New Warehouse in Holland – Now Open for Business
The Maurice Ward Group is once again growing its physical footprint in Europe with the addition of a new warehouse in a strategically important location.
Incoterms® 2020
February 2, 2021
The ICC Incoterms® 2020 are here! This new version was launched at the end of 2019. The ICC determines a new set of Incoterms every 10 years in consultation with the business community.
What are Incoterms?
“Incoterms” is a short term for international commercial terms. These terms and conditions were first published in 1936 and are a set of 11 rules that define who is responsible for what happens during international transactions.
The Incoterms are an initiative of the International Chamber of Commerce (ICC) with the goal to make international commercial transactions easier. These are actually a set of rules recognized worldwide by both the Buyer and the Seller of the goods, requiring both parties to know what their obligations are and what to arrange. By using the Incoterms, you do not have to record all of these agreements separately in a purchase contract, as it is clear with one simple reference which party should do what.
In the Incoterms agreements, rights and obligations of the buyer and seller are laid down for the sale and transport of goods. Among other things, it is recorded who arranges the insurance, provides the transport and the point where the risks and costs transfer from seller to buyer. This differs per Incoterm and it is therefore important to see which one is most suitable in your situation.
Why are Incoterms important?
Because they are known and accepted worldwide, from Austin to Zanzibar. They are a requirement for every commercial invoice and greatly reduce the risk of potentially expensive misunderstandings.
What is covered?
Incoterms describe all tasks, risks and costs associated with the transaction of goods from seller to buyer.
The most important changes in the Incoterms® 2020
- The Incoterms® 2020 meet a demonstrable need in the market for on-board bills or cargo under the Free Carrier (FCA) Incoterms® rule.
- Incoterms® 2020 provides different levels of insurance coverage under the Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP) rules.
- The Incoterms® 2020 has the option to arrange the transport of the goods with FCA, Delivery at Place (DAP), Delivery at Place Unloaded (DPU), and Delivered Duty Paid (DDP) with your own means of transport.
- The three-letter abbreviation for Delivered at Terminal (DAT) has been changed to DPU.
- The Incoterms® 2020 have included safety-related requirements in the obligations regarding transport and costs.
Our specialized employees take care of the customs documents of many different companies every day. We are also AEO certified. Contact us in case of questions!
Did you know?
The first ever ‘cargo only’ flight was recorded in November 1910 in the USA, using a Wright Model B aeroplane that flew 65 miles carrying a package of silk. The business owner used the pioneering transport more as a PR stunt to celebrate the opening of his store, with the bundle of silk cut into individual pieces and glued onto souvenir postcards.
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