Training on the Incoterms ® 2020 Rules
Incoterms ® were first published by the International Chambers of Commerce in 1936. They are a set of three letter acronyms, recognised internationally, which define the risks and responsibilities of buyers and sellers in international trade contracts.
Updated every ten years, Incoterms ® 2020 are being published this September, and will be implemented in contracts from 1st January 2020. The new rules are designed to keep pace with changes in International Trade and revised definitions and revisions are designed to give greater clarity and precision to the terms.
Understanding Incoterms ® and their use is essential for the successful movement of goods from the UK to international customers. Getting this wrong can lead to delays, penalties, problems with payment and unhappy customers. Furthermore, your company may incur additional charges which erode profit margins.
With the added uncertainty of Brexit and the implications for trade with Europe, it is important to ensure that staff are fully up to date with Incoterms ® and using them correctly in day to day contracts and also the potential revision of EU customer contracts.
- An overview of Incoterms® 2020?
- Why do we need them?
- The changes from Incoterms® 2010
- The Incoterms® 2020 publication – understanding the layout
- The terminology used in the Incoterms® rules – and what they all mean
- Practical issues which influence the choice of Incoterms® rule used
- Exercise to check delegates’ understanding of Incoterms® 2020
- Useful sources of information
This is an interactive workshop which is supported by case studies and course notes.
This half day seminar will explain Incoterms ® and their importance in international trade contracts. Delegates will explore each of the Incoterms ® 2020 and develop confidence in how to use them in order to avoid costly mistakes.
This course is suitable for any staff within an organisation that have a responsibility for developing business in overseas markets and/or processing export orders.
All course notes provided.