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Release of Incoterms 2020

Release of Incoterms 2020

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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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com