ICC Handbook on Transport and the Incoterms® 2020 Rules - eBook (2024)

FAQs

What is Incoterms 2020 PDF? ›

Incoterms® are internationally recognized rules describing who is responsible for goods in transit and for how long. By using Incoterms can sellers and buyers avoid unnecessary misunderstandings. Incoterms® 2020 are recognized by the authorities and courts around the world.

The ICC Transport and Incoterms® 2020 Handbook is a new publication providing clarity and practical support to those in the transport sector working on transactions involving the Incoterms® rules. When goods need to be transported from a seller to a buyer, in most cases an independent carrier is involved.

An Overview of Incoterms® 2020. The Incoterms® are a set of 11 individual rules issued by the International Chamber of Commerce (ICC) which define the responsibilities of sellers and buyers for the sale of goods in international transactions.

Discover the key changes in Incoterms® 2020 or download the Incoterms®2020 mobile application via the Apple App Store and Google Play.

Book overview

Incoterms® 2020 continues an 80-year ICC tradition and reflects the latest developments in commercial practice and updates, and consolidates some of the former rules. Changes made to the rules have been made to adapt the terms to new developments in world trade.

Completing the online application for an ICC

A digital copy of a document which confirms your habitual residential address as detailed in ICC-2 Notes: Evidencing identity and eligibility. Collectively these documents must verify your identity (name, address, date of birth, photograph) and your nationality.

The Interstate Commerce Commission (ICC) formerly regulated the economics and services of specified carriers engaged in transportation between states from 1887 to 1995. The ICC was the first regulatory commission established in the U.S., where it oversaw common carriers.

Bring a few things with you: A valid, government issued photo ID that must match the name on the exam reservation, a beverage, a dry erase board and marker, and earplugs are allowed. Exam features: You will have access to an online notepad during the exam.

INCOTERMS easiest way to understand

First, Let's understand what INCOTERMS is. INCOTERMS is the agreement about Cost and Risk responsibility, between Shipper and Consignee. It makes clear that Shipper and Consignee take cost and risk responsibility, from where to where. Actually, there are 11 types of INCOTERMS.

What Incoterms 2020 do not cover? ›

Incoterms do not: Address all the conditions of a sale. Identify the goods being sold nor list the contract price. Reference the method or timing of payment negotiated between the seller and buyer.

What Is the Most Popular Incoterm? While it varies, we often see EXW (Ex Works) used in international contracts. It's one of the easiest for sellers, who only have to make the buyer's shipment available for pickup.

Incoterms 2020 formally defines the delivery point in the transaction where 'the risk of loss or damage to the goods passes from the seller to the buyer'. In contrast, previously, the term had a more informal explanation. Knowing the point of risk transfer eases the transaction for different trade finance parties.

They are widely used in international trade and provide a common framework to clearly communicate the responsibilities, risks, and costs associated with the transportation and delivery of goods between buyers (importers) and sellers (exporters).