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Release of Incoterms 2020

Release of Incoterms 2020

Hungary
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On 10 September 2019 the newest edition of Incoterms rules, Incoterms 2020 was released by the International Chamber of Commerce (ICC). The Incoterms rules serve as significant commercial provisions for the international sale of goods, including commonly accepted definitions and rules relating to the delivery of goods between trading partners. Since the first publication of Incoterms rules in 1936, ICC has revised regularly these rules to follow the changes in the worldwide trade system.

Aiming at the clarity and certainty in the international trade, Incoterms 2020 contains more detailed explanative notes and enhanced graphics to present the responsibilities of importers and exporters for each Incoterms rule. Incoterms 2020 also provides guidelines for the selection of the most appropriate Incoterms rule for a given transaction and for the relationship of the sales agreements with ancillary contracts.

Compared to Incoterms 2010, the main changes of Incoterms 2020 are for example that the new rules determine different levels of insurance coverage in Cost Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP). Furthermore, Incoterms 2020 contains arrangements for carriage with own means of transport in Free Carrier (FCA), Delivered at Place (DAP), Delivered at Place Unloaded (DPU), and Delivered Duty Paid (DDP).

By Lidia Suveges, Junior Associate, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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