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New Incoterms will affect letters of credit and delivery locations
09 Oct, 2019

The International Chamber of Commerce (ICC) has released new revisions to its Incoterms, which will allow shippers to change the way they obtain letter of credit. Set to come into force on 1 January 2020, the new Incoterms – international commercial terms published to clarify the obligations of buyers and sellers in trade contracts – could change the nature of the relationship between shippers, carriers and trade finance providers. According to US law firm Sullivan & Worcester, one of the most notable changes is that the parties can agree to issue a bill of lading (B/L) to sellers shipping goods under FCA terms.

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