On 18th October, Clyde & Co provided a briefing about Incoterms 2020, the 9th version of the Incoterm Rules on domestic and international trade, which will enter into effect on 1st January. It article highlights the main changes made by the International Chamber of Commerce and aims to provide practical advice to sellers and buyers wishing to incorporate the new terms into their sale and purchase agreements. It says that the aim of the Rules is to provide a standard set of terms that clearly define the obligations of the seller and the buyer. The ICC’s stated aim is to increase the parties’ understanding of their respective positions thereby reducing the potential for disputes, whilst accommodating current industry concerns.
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