Incoterms

Incoterms

This overview is a guide to the Banking & Finance content within the Incoterms subtopic within the trade and commodity finance topic, with links to the appropriate materials.

What are Incoterms and what is their origin?

Incoterms—an abbreviation of 'International Commercial Terms'—are a set of globally recognised terms and conditions used in international, and sometimes domestic, contracts for the sale and purchase of goods. They comprise a set of 11 three letter acronyms/abbreviations each representing a different set of provisions dealing with the allocation of duties, costs and risks in a sale and purchase contract. The intention of Incoterms is to achieve a consistency of understanding and interpretation of contractual terms, particularly where contracts involve multiple legal jurisdictions.

The International Chamber of Commerce (ICC) publishes a set of rules for the interpretation of Incoterms explaining the meaning of each of the terms. These rules were first published in 1936 and are updated periodically to reflect changes in trade practices.

The ICC released Incoterms 2020 in September 2019 (see: LNB News 10/09/2019 69). Incoterms 2020 replaced the 2010 version of the rules with effect from

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Banking & Finance News

Sustainable finance and ESG weekly round–up—21 November 2024

This week's edition of the Sustainable finance and ESG weekly round-up from the Finance Group includes: (1) ICC issues guidance on successful Carbon Pricing, (2) COP29 round up, and (3) ESAs issue ‘Fit-For-55’ climate scenario analysis results.

Banking and Finance weekly highlights—21 November 2024

This week's edition of Banking and Finance weekly highlights includes: (1) the decision in Kireeva v Bedzhamov where the Supreme Court has unanimously dismissed Ms Kireeva’s (Russian bankruptcy trustee’s) appeal to overturn the Court of Appeal’s’ decision; (2) HMLR announces changes to addresses for business customers; and (3) HMT consults on the case for a UK Green Taxonomy.

IOSCO issues consultation report on pre-hedging practices and regulatory recommendations

The International Organization of Securities Commissions (IOSCO) has published a consultation report on pre-hedging practices, seeking feedback on its proposed definition and recommendations, to guide regulators in determining acceptable practices and managing associated conduct risks. Additionally, IOSCO requests feedback on whether the recommendations need to be adapted to specific circumstances, such as potential differences in pre-hedging practices and internal non-electronic transactions, as well as in the context of electronic trading, including competitive requests for quotes (RFQs). Responses are sought by 21 February 2025.

BCBS reaffirms expectation of implementing Basel III and advances banking supervision initiatives

The Basel Committee on Banking Supervision (BCBS) met in Basel on 19–20 November 2024 and unanimously reaffirmed its expectation of implementing all aspects of the Basel III framework in full, consistently and expeditiously. Such a commitment was also recently reiterated by G20 Finance Ministers and Central Bank Governors.

View Banking & Finance by content type :

News