Incoterms 2020 —

Revised Rules for

International Shipping

©
2019 Purolator International, Inc.

Introduction
When the International Chamber of Commerce
(ICC) updated its list of international shipping
terms — commonly referred to as Incoterms
— in 2010, the international shipping world
looked vastly different than it does today.
Global eCommerce, which in 2019 is projected
to exceed $3.53 trillion, was valued at $572
billion. Today global digital trade is growing
faster than goods trade or foreign direct
investment, with more than half of the world's
population now using the internet, according to
the Congressional Research Service. Overall, the
global retail market in 2010 totaled $14 trillion.
In 2019, that figure is $25 trillion.
Clearly, change happens quickly in today’s
global marketplace, so when the ICC
announced its Incoterms® 2020 update,
the changes were intended to reflect the
current world order. According to analysis by
Trade Finance Global, a marketing partner of
the ICC United Kingdom, the revised Incoterms
reflect today's complex global supply chains,
the importance of eCommerce, and the
evolution of digital commerce.
But what exactly is an Incoterm?
Essentially, Incoterms set “the rules of the road”
for international commerce and ensure that
businesses all over the world abide by the same
definitions and processes. Incoterms carefully
Introduction
Incoterms® 2020 — Revised Rules for International Shipping
delineate responsibilities to buyers and sellers
and dictate each party’s obligations throughout
the shipping process.
Because of Incoterms, buyers and sellers have
a clear understanding of what constitutes
“delivery,” for example, and which party is
responsible for unloading a vehicle, and who is
liable for certain payments. This avoids costly
mistakes and misunderstandings.
The Paris-based International
Chamber of Commerce has
maintained the globally
recognized list of Incoterms
since 1936.
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2019 Purolator International, Inc.
Incoterms is shorthand for “International
Commerce Terms,” and they are developed
and maintained by the International Chamber
of Commerce (ICC), located in Paris, France.
The first series of Incoterms, adopted in 1936,
provided a common understanding of specific
trade terms.
Since then, the terms have undergone seven
separate updates, with the most recent changes
set to take effect January 1, 2020. After that, the
next update is scheduled for 2030.
"Simply put, Incoterms are hugely important
for anyone selling or moving goods abroad,"
explained Deepesh Patel, editor of Trade Finance
Global. "So, whether you're an importer or
exporter, freight forwarding company, trade
financier, credit insurer, or law firm, it's likely
that you use Incoterms to govern trade."
As much as Incoterms clarify and simplify the
shipping process, choosing the correct term
is critically important. Each Incoterm carries
specific implications for transportation and
delivery, unloading, customs liability, risk, and
cost, among other things. Failure to assign the
correct code could result in significant clearance
delays, added costs, and prolonged disputes.
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 Incoterms® 2020 — Revised Rules for International Shipping

In addition, the choice of Incoterm will affect

other aspects of the shipping process. Logistics
solution, ability to consolidate, mode of
transport, and compliance issues may all be
affected by the choice of Incoterm and the rules
associated with that term.

As the following discussion will make clear, each

Incoterm is crafted to address a unique set of
conditions. Therefore, it's critically important for
a shipper to ensure the proper term is selected.
And that begins with a basic understanding of
Incoterms and their role in the shipping process.

(Please note that the information included in this

report is intended as a basic overview of Incoterms.
For more detailed information, please refer to
the International Chamber of Commerce's official
Incoterms® 2020 materials, which can be accessed
via the agency's website.)

Introduction ©
2019 Purolator International, Inc. 3
 Incoterms® 2020 — Revised Rules for International Shipping

The List — Incoterms® 2020

terms, Delivered at Place (DAP) and Delivered at EXW is regarded as favorable to the seller
Terminal (DAT), essentially consolidated the four since the buyer bears the bulk of responsibility.
eliminated terms into two. (Note: The DAT term However, buyers may find EXW advantageous
has been renamed DAP — Delivered at Place — since they are free to use their own logistics
in Incoterms® 2020.) provider, which may be more economically
efficient than using the seller's provider.
According to analysis provided by Trade Finance
Global, the current list is divided into two X FCA: Free Carrier
categories based on mode of transport:
This means that the seller is responsible for
Group One: Incoterms that apply to any packaging and loading goods onto a truck
mode of transport: at its transport hub or port. The seller is
also responsible for export clearance of the
X EXW: Ex Works goods at the port or terminal. The buyer is
Every business involved in then responsible for everything else:
This term describes situations in which
international trade should the seller (or shipper/supplier) of goods − Shipping the goods
acquire a copy of the is responsible for packaging and leaving
− Unloading the goods at the buyer's
“Incoterms® 2020” publication, the goods at their factory or place of
port or terminal
manufacture.
available through the − Transporting the goods to the end
International Chamber The buyer (or consignee) is then responsible
destination or warehouse
for everything else:
of Commerce. Once the goods have been loaded and cleared
− Loading goods onto transport
for export by customs and the shipment is
The International Chamber of Commerce has − Transporting goods to a port or terminal accepted, responsibility shifts from the seller to
included 11 Incoterms in its 2020 revisions, − Shipping the goods the buyer to arrange shipment and delivery to
which matches the number included in the 2010 the end warehouse or customer.
− Unloading the goods at the buyer's port
version. Worth noting, Incoterms® 2010 reduced
or terminal
the number of terms from 13 to 11 by including
two new rules for use irrespective of mode of − Transporting the goods to the end
transport. To accomplish this, four entries were destination or warehouse
deleted and two were added. The two new

The List — Incoterms ® 2020 ©

2019 Purolator International, Inc. 4

X CPT: Carriage Paid To
This Incoterm goes into more detail than FCA
and specifies that the seller bears the costs
for transporting the goods to the location
requested by the buyer. CPT is common
for large importers who have their own
port agents that can manage the delivery
of goods upon arrival in their country. Risk
passes from the seller to the buyer when
the goods are delivered to the carrier (e.g.,
loaded onto the ship at the port of the
seller's country).
The buyer is then responsible for
everything else:
− Insuring the goods as they are
being shipped
− Unloading the goods at the buyer's
port or terminal
− Transporting the goods to the
end warehouse
X CIP: Carriage and Insurance Paid To
The seller delivers the goods to the carrier
or another person nominated by the seller
at an agreed place. The seller must contract
for and pay the costs of carriage necessary
to bring the goods to the named place of
destination. The seller also contracts for
The List — Incoterms ® 2020
Incoterms® 2020 — Revised Rules for International Shipping
insurance to cover against the buyer’s risk conveyance, at the named place. Risk
of loss of or damage to the goods during transfers from the seller to the buyer when
the carriage. the goods have been unloaded, and the
buyer has responsibility for import clearance
Effective January 1, 2020, the terms of the
and any applicable taxes and duties.
CIP Incoterm require the seller to purchase
the level of insurance outlined in Clause X DAP: Delivered at Place
A of Institute Cargo Clauses. This ensures
DAP is regarded as an extension of DPU
protection against fire, explosion, breakage,
with the critical distinction that, under DAP,
theft, washing overboard, the vessel sinking,
the buyer is responsible for unloading
and jettison. According to the Mantissa
the goods. According to analysis from
training provider, this is regarded as a
Investopedia, "Delivered at Place" simply
high level of insurance, although parties
means that the seller takes on all the
"may choose to specify a different level
risks and costs of delivering goods to an
of insurance to cover within their
agreed-upon location. This means the seller
commercial agreement."
is responsible for everything, including
The seller's risk ends when the goods packaging, documentation, export approval,
have been placed on the ship at the origin loading charges, and ultimate delivery.
destination. The buyer can pay for additional
insurance during carriage of the goods. "The buyer, in turn, takes over risk and
responsibility as of the unloading of the
X DPU: Delivered at Place Unloaded goods and clearing them for import."
The DPU Incoterm is a 2020 change and
X DDP: Delivered Duty Paid
replaces the previous "Delivered at Terminal"
term. This name change was made to clarify DDP is the only Incoterm in which the seller
that delivery occurs at the destination, which assumes responsibility for the import and
may be at a location other than a "terminal." export clearance process.
Under DPU, the seller is responsible for
arranging carriage and for delivering
the goods, unloaded from the arriving
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2019 Purolator International, Inc. 5

The seller bears all the costs and risks
involved in bringing the goods to the place
of destination and has an obligation to
clear the goods not only for export but
also for import, to pay any duty for both
export and import, and to carry out all
customs formalities.
According to guidance from the ICC, DDP is
"suitable for domestic sales, but extreme
care should be exercised for international
sales…." This is because a buyer essentially
entrusts the customs clearance process to
the seller, which can be a tremendous leap
of faith in the seller's ability to successfully
navigate the customs process of the country
to which the goods are being imported.
In choosing the DDP terms of services, it's
essential for a seller to have full confidence
in its logistics provider's customs clearance
expertise and capabilities.
Group Two: Incoterms that apply to sea and
inland waterway transport only:
X FAS: Free Alongside Ship
According to Investopedia, FAS refers to
situations in which the seller must "arrange
for the goods to be delivered next to a
particular vessel in a particular port in order
to be ready for transfer to a waiting ship." At
The List — Incoterms ® 2020
Incoterms® 2020 — Revised Rules for International Shipping
that point, risk transfers to the buyer, and Effective January 1, 2020, the terms of the
the buyer assumes responsibility for loading CIF Incoterm require the seller to purchase
the goods and all costs thereafter. the level of insurance outlined in Clause
C of Institute Cargo Clauses. This ensures
X FOB: Free on Board
protection against fire, explosion, the
This means that the seller delivers the goods vessel sinking, and jettison. According to
on board the vessel identified by the buyer the Mantissa training provider, this level
at the named port of shipment. The risk of insurance is regarded as "minimal."
of loss or damage to the goods passes
The risk of loss of or damage to the
when the goods are on board the vessel,
goods passes when the goods are on
and the buyer bears all costs from that
board the vessel.
point onwards.
X CFR: Cost and Freight
CFR means that the seller has responsibility
for arranging and paying for delivery of
goods to an agreed port. The seller delivers
the goods, cleared for export, loaded on
board the vessel.
The risk of loss or damage to the goods
passes when the goods are on board
the vessel.
X CIF: Cost, Insurance, and Freight
This means that the seller has responsibility
for arranging and paying for transportation
to the named port of destination. The seller
also contracts for insurance to cover against
the buyer’s risk of loss of or damage to the
goods during the carriage.
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 Incoterms® 2020 — Revised Rules for International Shipping

Incoterms® 2020 Rules

Overview of Responsibilities and Transfer of Risk
Sea/Inland Sea/Inland Sea/Inland Sea/Inland
Any Transit Any Transit Any Transport Any Transit Any Transit Any Transit Any Transit
Waterway Waterway Waterway Waterway
Mode Mode Mode Mode Mode Mode Mode
Transport Transport Transport Transport
EXW FCA FAS FOB CFR CIF CPT CIP DAP DPU DDP
Free Cost, Carriage & Delivered
Free on Cost & Carriage Paid Delivered at Delivered
Ex Works Free Carrier Alongside Insurance, Insurance at Place
Board Freight To Place Duty Paid
Ship & Freight Paid To Unloaded
At Named
Transfer At Buyer's On Buyer's Alongside On Board On Board On Board At Named At Named
At Carrier At Carrier Place
of Risk Disposal Transport Ship Vessel Vessel Vessel Place Place
Unloaded
Charges/Fees
Packaging Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller
Loading
Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller
Charges

Delivery to
Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller
Port/Place

Export Duty,
Taxes,
Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller
& Security
Clearance
Origin
Terminal Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller
Charges
Loading on
Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Seller
Carriage

Carriage
Buyer Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller
Charges
Insurance Seller Seller
Destination
Terminal Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Seller Seller
Charges
Delivery to
Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller
Destination
Import Duty,
Taxes,
Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller
& Security
Clearance
Source: Adapted from information provided by Shipping Solutions®

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2019 Purolator International, Inc. 7

Incoterms® 2020 — What’s New?
With no outright additions or deletions to the
list, with the exception of "DAT" being renamed
"DPU," it would be tempting to think that
Incoterms® 2020 does not offer any substantive
changes. In fact, the revised rules offer several
significant changes that must be understood
and implemented.
Trade Finance Global, working as a partner to
ICC United Kingdom, outlines several important
changes to Incoterms® 2020 that include:
X DAT name changed to DPU. Although the
DAT Incoterm was only introduced with the
Incoterms® 2010 release, the ICC felt a name
change was necessary to address confusion
that resulted over interpretation of the word
"terminal." Going forward, the name has
been changed to Delivery at Place Unloaded,
which is intended to more specifically
identify the delivery point and loading
responsibilities.
Delivered at Terminal
(DAT) has been changed
to Delivered at Place
Unloaded (DPU).
Incoterms ® 2020 — What’s New?
Incoterms® 2020 — Revised Rules for International Shipping
X CIF and CIP insurance clarification.
CIF and CIP are the only terms that
specifically address insurance, and until
now, each established the same insurance
requirements. In Incoterms® 2020, the CIF
and CIP Incoterms have been revised such
that each now includes explicit and unique
insurance requirements. Important to note,
the CIF Incoterm remains restricted to sea or
inland waterway modes of transport.
X Security standards have been clarified.
When Incoterms® 2010 were released, the
world was still adapting to the reality of
global terrorism and its implications on the
global supply chain. With ten years of better
understanding under its belt, the ICC has
revised each Incoterm by adding security-
related provisions that delineate specific
requirements that must be performed by
each party.
X FCA and FOB bills of lading clarification.
Although the FOB Incoterm is intended solely
for maritime shipments, the ICC determined
that it was being used — incorrectly — for
non-maritime shipments. To address this,
the ICC created the FCA Incoterm, which
dictates that the seller is responsible for
packaging and loading goods onto a truck at
the transport hub or port. However, the FCA
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2019 Purolator International, Inc.
left unaddressed the requirement by some
financial institutions that a bill of lading be
produced on occasions where lines of credit
are involved. Going forward, Incoterms® 2020
address this by adding corrective language
to the FCA.
X DAP (Delivered at Place), DPU (Delivered
at Place Unloaded), and DDP (Delivered
Duty Paid). The use of these Incoterms
is now permitted to address shipments
using the purchaser’s or seller’s own
means of transport. Previously, it was
assumed that parties would rely on
third-party transportation.
Use of Earlier Incoterms
The ICC stipulates that all contracts entered
into after January 1, 2020, must be based on
Incoterms® 2020. However, contracts that were
executed prior to that date are still effective.
It is essential though for any agreement to
clearly specify which version of Incoterms
applies (i.e., Incoterms® 2010, Incoterms® 2000,
or any earlier version).
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Choosing the Right Incoterm
When the ICC set out to revise Incoterms® 2010,
a foremost objective was finding a way to help
facilitate identification of the proper term. "What
we know, what we have always known, is that
the rules are very often used not quite correctly,"
Emily O'Connor, the agency's director of trade
investments, said in a podcast discussing
Incoterms® 2020. "And what does that mean?"
she continued. "People will frequently choose
the wrong Incoterms rule for their transaction.
They won’t fully know what it means when
they put a three-letter Incoterms rule into their
contract. They have a general idea, but not quite
nuanced enough."
"What we know, what we
have always known, is that
the rules are very often
used not quite correctly."
—Emily O'Connor, ICC director
of trade investments
Choosing the Right Incoterm
Incoterms® 2020 — Revised Rules for International Shipping
As a result, the ICC set out to make the rules
easier to understand and implement. Among
other things, the revised rules feature a
user-friendly matrix that compares different
attributes of each term and provides a detailed
introduction that explains the revisions that
were made and the nuances of each Incoterm.
As an example, O'Connor noted that the "FOB,"
for "free on board," Incoterm has historically
been used improperly. The term is intended only
for maritime shipments where "delivery" occurs
when goods are placed on board the vessel.
However, the term has been used on numerous
occasions for non-maritime shipments. In those
instances, O'Connor explained, point of delivery
is uncertain since goods are never loaded onto
a vessel. The ICC attempted to clarify this in
2010 with the creation of the FCA term, and
non-maritime shippers were encouraged to
select that term. But, uncertainty remained,
particularly in situations that involved bank
financing and the need to produce a certain type
of bill of lading.
As a way to alleviate these concerns, the ICC has
revised the FCA Incoterm and clarified issuance
of the bill of lading.
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2019 Purolator International, Inc.
Since an incorrect Incoterm can be quite costly,
the ICC advises all parties to read through the
specifics of each rule. "Even though you're an
expert, and even though you may have been
doing this for 30 years and you know every word
of every section," the ICC's O'Connor advises,
"just take a few minutes to sit down and have a
read through. And for those that aren't experts,
we've tried to make it as easy as possible to
understand. It's worth putting in the time to
avoid problems down the road."
Another option is to enlist an experienced
logistics provider with verified experience
using Incoterms. A qualified provider will be
able to select the ideal Incoterm for each
shipment's unique needs and oversee
compliance with all requirements. Important
to note though, not every logistics provider
offers this expertise, so it's critically important to
verify a potential logistics partner's qualifications
and ensure there is a proven record of success
in using Incoterms.
9

The Right Incoterm for the Right Situation
A few years ago, then-president of the Canadian
Association of Importers and Exporters Joy
Nott noted that roughly 90 percent of Canadian
importers and exporters used the FOB — Free
on Board — Incoterm for their international
transactions. The problem with this, she
explained in a Canadian Business article, is the
FOB rule is intended for cargo carried by sea
vessels, while most of Canada's international
trade is by truck. "When was the last time you
saw a truck floating?" she asked. "I don't think
you have."
This example highlights the confusion that
can exist as buyers and sellers try to identify
the appropriate Incoterm for their particular
transactions. Canadian Business cites an example
in which a British Columbia importer purchased
1,000 metric tons of garlic from a Chinese
exporter and agreed to use the FOB Incoterm.
The Right Incoterm for the Right Situation
Incoterms® 2020 — Revised Rules for International Shipping
One Canadian garlic importer
learned the hard way about
the importance of choosing
the correct Incoterm when
a shipment of rotten garlic
was determined to be
"the buyer's" and not "the
seller's" responsibility.
"But the garlic," the article explained, "valued
at more than US$800,000, arrived in Vancouver
rotten and unsellable." When the buyer
attempted to seek recourse, the seller advised
that since the garlic was fine when it was placed
on the ship, all legal obligations had been met
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2019 Purolator International, Inc.
under FOB. "The buyer couldn't prove that
the garlic was rotten before it was put on the
vessel," explained international trade lawyer
Greg Kanargelidis, "and once it was on the
vessel, it was their problem, not the seller's."
With so much at stake then, it's important
for all parties to take the time to evaluate
the specifics of each Incoterm before making
any commitments. Following is analysis that
can help guide the choice of Incoterm in
certain situations.
U.S./Canada
Ground Shipping
For purposes of ground shipments traveling
between the United States and Canada,
Incoterms choices are generally limited to
Delivered at Place Unloaded (DPU), Delivered at
Place (DAP), and Delivered Duty Paid (DDP).
The primary difference between these three
terms of service is that a DDP transaction places
near-full responsibility on the seller, including
responsibility for payment of customs, taxes,
and brokerage fees. DPU and DAP shipments
place responsibility for customs-related fees and
taxes on the importer/buyer.
10

Canada-bound shipments
may benefit from the
convenience of having the
seller manage the customs
process but only if the process
is entrusted to an experienced
logistics provider.
The Right Incoterm for the Right Situation
Incoterms® 2020 — Revised Rules for International Shipping
Another option for a U.S./Canada transaction is
the Ex Works (EXW) Incoterm, which places the
bulk of responsibility for the entire transaction
on the buyer/importer. While many businesses
may wish to retain control over their shipments,
that control also includes responsibility for
customs compliance.
The choice, then, really comes down to “duty
paid or duty unpaid.” Does it make more sense
for a U.S. business to prepay its customers'
customs fees and transaction costs at time
of purchase, or is it preferable to have the
customer pay those costs at time of delivery?
Also, under what circumstances is it preferable
for a U.S. business’s Canadian customer to
oversee the importation process as opposed to
having the U.S. business bear responsibility?
The ICC strongly warns against using the DDP
Incoterm for international shipments, mainly
because of the risk of entrusting the seller
with the customs process. In many instances,
this can indeed be a risky proposition. But for
shipments to Canada, a country with which the
U.S. enjoys a high level of customs cooperation,
the risk may not be as dire. Instead, it is possible
to enlist a highly experienced logistics provider
with vast experience both in implementing the
terms of the DDP Incoterm and in clearing goods
through the Canada Border Services Agency's
importation process.
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2019 Purolator International, Inc.
Ultimately, a business will need to weigh the
pros and cons and determine its own best
course. But the option does exist, especially with
regard to Canada-bound shipments, to facilitate
the process by entrusting customs and delivery
to an experienced logistics provider.
eCommerce
X According to the U.S. International Trade
Administration, an eCommerce retailer's
choice of Incoterm may be affected by
whether its export sales are primarily
business-to-business (B2B) or business-
to-consumer (B2C).
X For B2B sellers, the following Incoterms
are recommended:
− EXW (Ex Works)
− CPT (Carriage Paid To)
− CIF (Cost, Insurance, and Freight)
X B2C online retailers are advised to use:
− CPT (Carriage Paid To)
− CIF (Cost, Insurance, and Freight)
− DDP (Delivered Duty Paid) However,
the buyer must have a high degree
of confidence in the seller's ability to
manage the customs process.
11

Imports to the
United States
X According to Scarborough, an international
brokerage provider, shipments arriving in
the United States via ship most often use the
EXW (Ex Works), FOB (Free on Board), or FCA
(Free Carrier).
X In each instance, the buyer is responsible
for paying for transportation and assumes
most of the responsibility throughout the
transaction. "That way, they have control,"
Alyson Schroer, Scarborough corporate
operations manager, explained in a recent
webinar. "If they need to stop a container at
the port of New York and transload it and
truck it in as a way to prevent a line from
going down, these choices allow the ability
to do that." On the other hand, Schroer
noted, if a shipment is traveling via DAP, for
example, they may not have the "power" to
make changes to the transport.
The Right Incoterm for the Right Situation
Incoterms® 2020 — Revised Rules for International Shipping
Exports from the
United States
X As discussed previously, ground shipments
traveling to Canada may benefit from the
DDP, DAP, DUP, or EXW terms of service.
However, shipments that require ocean
transport will warrant a different approach.
X Scarborough suggests that CIF (Cost,
Insurance, and Freight) and CFR (Cost and
Freight) are the most widely used for these
purposes. Under each term, the seller
pays for transport and allows the buyer to
manage the customs process.
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 Incoterms® 2020 — Revised Rules for International Shipping

Conclusion
In an August 2019 podcast, Professor Charles
DeBattista of the International Chamber of
Commerce was asked: "If a goods trader doesn't
use Incoterms, what would happen?" His answer
was very brief: "You need lawyers."
autonomous vehicles. The ICC's Emily O'Connor
suggests that Incoterms® 2030 may well include
provisions for the delivery of goods to outer
space. "Free on Moon," she says, may not be
that far-fetched.

He went on to explain that a likely outcome would
be insurance contracts that don't reflect actual
sales contracts, letters of credit that don't align,
and various gaps in understanding between
parties. "The likelihood is that if there was a
dispute, if the market moves against you, if your
buyer loses interest, then there's likely to be a
disconnect. And then of course, everyone reaches
for their lawyers. All of this could be avoided at
the start by using Incoterms."
Note: The Incoterms® Rules are protected by the
copyright owned by ICC. Further information on
the Incoterm® Rules may be obtained from the ICC
website. Incoterms® and the Incoterms® logo are
trademarks of ICC. Use of these trademarks does
not imply association with, or approval of our
sponsorship by ICC.

Incoterms exist to facilitate the shipping

process and to eliminate confusion about key
responsibilities. And as the recently released
Incoterms® 2020 make clear, the ICC remains
committed to ensuring the shipping rules reflect
current practices and "actual" shipping scenarios.

The most recent 2020 update reflects the reality

of today's security-focused supply chains and
the need to clarify and facilitate selection of the
proper shipping terms.

Looking ahead, it remains to be seen if the next

generation of Incoterms will take into account
innovations including drone deliveries or

Conclusion ©
2019 Purolator International, Inc. 13
 Incoterms® 2020 — Revised Rules for International Shipping

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 Incoterms® 2020 — Revised Rules for International Shipping

References
"7 Key changes to Incoterms® 2020," Trade Finance Global, Payiataki, Vassia; Meads, Andrew; Swinburn, Richard G.;
accessed November 8, 2019. Farrell, Elizabeth; Skeet, Paul; and Tajbakhsh, Nazanin,
"Incoterms® 2020 — What you need to know," ReedSmith,
Barone, Adam, "Delivered-at-Place (DAP)," Investopedia,
accessed November 8, 2019.
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