GlossaryEN1 min readUpdated: Jun 13, 2026

Incoterms edition

Imagine an importer purchasing machinery from Germany: the sales contract stipulates "CIF under Incoterms 2020".

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Last updated: 13 June 2026Published: 27 January 2026

Source: https://iccwbo.org/resources-for-business/incoterms/

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Incoterms 2020 Simulator: Who bears costs & risk?

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Definition & Explanation

Imagine an importer purchasing machinery from Germany: the sales contract stipulates "CIF under Incoterms 2020". This specific edition—the 2020 version—determines that the seller bears risk and insures cargo until port departure; afterwards, the buyer assumes risk. Earlier editions such as Incoterms 2010 imposed different obligations. The ICC updates its standard periodically (2000, 2010, 2020) to reflect new transport modes and payment mechanisms. A proper contract always cites the precise year—otherwise disputes erupt over who pays when and who is liable.

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⚖️ ICC Incoterms 2020

Incoterms 2020 Simulator: Who bears costs & risk?

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Incoterms edition

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Incoterms 2020 Simulator: Who bears costs & risk?

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