The Incoterms® rules are the regulations that define responsibilities of buyers and sellers operating in the international trade system. They are the authoritative rules for determining how costs and risks are allocated to the parties. Incoterms rules are regularly incorporated into contracts for the sale of goods worldwide and have become part of the daily language of trade.
International Chamber of Commerce (ICC) has launched Incoterms® 2020 set that contains the rules for use of the 11 Incoterms® trade terms. It takes into account the
latest developments in commercial practice, and updates the rules to make them more accessible and easier to use.
The new rules will enter into force on January 1, 2020. As of this date, all sales contracts should make reference to the Incoterms® 2020 rules as the latest version of the Incoterms rules.