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The Incoterms 2020 revision : Unsolved problems on FCA Rules

  • Journal of International Business Transactions Law
  • Abbr : IBT
  • 2021, (35), pp.85-101
  • DOI : 10.31839/ibt.2021.10.35.85
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law > Private Law > International Commercial Transactions Law
  • Received : August 30, 2021
  • Accepted : October 26, 2021
  • Published : October 31, 2021

Kim Hee-Jun 1

1동아대학교

Accredited

ABSTRACT

The Incoterms rules are well known throughout the whole world and they are the most commonly used trade terms by the parties, lawyers and courts. ICC updates the Incoterms rules almost every 10 years to reflect modern commercial practice. The latest version of the ICC Incoterms 2020 entered into force on 1 January 2020. The 2020 revision made several significant modifications to the earlier terms. Incoterms 2020 now provides for an additional option. Buyer and seller may instruct the carrier to issue a bill of lading to the seller after loading the goods, and the seller may agree that it is obligated to bid the bill of lading to the buyer, usually through the bank. In this article, the author briefly reviews the revisions of Incoterms 2020 and examines unsolved problems on FCA rule. Examining the reasons for the revision disclosed by ICC, it is doubtful whether they are properly understanding the reality of L/C transactions on FCA.

Citation status

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