In international and domestic trade, it is often required to regulate the allocation of rights and obligations between the parties briefly and clearly. For this purpose, the internationally recognized Interna-tional Commercial Terms (Incoterms) are often used. These are provisions regulating important rights of purchasers and sellers, in particular the allocation of risk of loss, but also of the responsibilities with regard to transport, insurance as well as costs.
The currently valid Incoterms, the Incoterms 2010, entered into force on 1 January 2011 and covered current developments in commercial practice and transport at the time. Now, the International Chamber of Commerce is about to publish its latest amendments, introducing the Incoterms 2020, which will become effective 1 January 2020. This White Paper briefly describes the current Incoterms 2010 as well as the most likely amendments to be expected with the new Incoterms 2020.
Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
© Copyright 2019. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.