International Chamber of Commerce (ICC) has launched International Commercial Terms (Incoterms) 2020, the newest edition of the renowned trade terms for the delivery of goods, providing certainty and clarity to business and traders everywhere. The new rules become effective from 1 January 2020. Incoterms are “Terms of Sale” which define the obligations, risks, and costs of the seller and buyer for delivery. They are authoritative rules for determining how costs and risks are allocated to the parties and can significantly reduce misunderstandings among traders, thereby minimize trade disputes and litigation.

Since Incoterms define the obligations of the seller and the buyer regarding delivery, transfer of risk, loading of the goods, export or import clearance, conclusion of transport contracts, Incoterms rules are an essential tool in the negotiation of international contracts. The choice of an Incoterms has a direct impact on the allocation of cost and risk. This course will suit both beginners and those who have more than a basic understanding of Incoterms 2020.