INCO terms were updated in 2014 and many have wondered whether there actually exist an updated version. Well, here it is after 6 years INCO Terms 2020. The standard for shipping goods was released in October 2019 for the benefit of transport companies, sellers and buyers of goods to be exported and imported over land, sea, and air.
In an article from Trade Financial Global, they sum up 7 of the changes that you must know about with the Incoterms 2020.
The 7 changes are:
- DAT Incoterm changed to DPU
- Insurance points are clarified in CIF and CIP Incoterms rules
- Costs and cost structures are now clarified
- Security in relation to transport is now clearly detailed
- Provisions to allow for own transport rather than assuming 3rd party transport
- FCA, FOB, and Bills of Lading
- Presentation and design is much more user-friendly