Incoterms® rules are a set of three letter acronyms which define the risks and responsibilities of buyers and sellers in international trade contracts and should be a key part of trade negotiations. But who is responsible for agreeing these terms and how well do they really understand them?
The correct use of Incoterms® rules is essential for the successful movement of goods between customers and suppliers around the globe. Getting them wrong can lead to delays, penalties, problems with payment and unhappy customers. Furthermore, your company may incur additional charges which erode profit margins.
Revised every ten years, the latest edition is Incoterms ® 2020. The rules are designed to keep pace with changes in international trade and the new definitions and revisions are designed to give greater clarity and precision to the terms. Which version of rules are you using – do you know the difference?
Do you understand why use of the correct incoterms rules is so important and how these impact on your purchasing/sales contracts?
Overview
The history and purpose of Incoterms
An overview of Incoterms® 2020
Key terminology used in the Incoterms® rules
The obligations of the buyer and seller
Understanding risks and responsibilities
The changes from Incoterms® 2010 to Incoterms ® 2020
Practical issues which influence the choice of Incoterms® rule used
Exercises to check delegates’ understanding of Incoterms® 2020
Common mistakes when using Incoterms® rules
Useful sources of information
Outcome
This interactive, half day course will explain the Incoterms® rules and their importance in international trade contracts. Delegates will explore each of the Incoterms ® 2020 rules and develop confidence in how to use them in order to avoid costly mistakes.
This course is suitable for staff within an organisation that have a responsibility for negotiating business in overseas markets and/or processing export orders. Sales, logistics purchasing and finance staff will all benefit from understanding the correct use of these terms.
Becky is a Fellow of the Chartered Institute of Export and International Trade with over 25 years of experience in global trade, specializing in import, export, and customs compliance.
She partners with Chambers of Commerce across the UK to deliver both independent and accredited training programs that combine practical expertise with strategic insight. Becky has a proven track record in designing and delivering international trade courses for both public and private sectors, alongside providing consultancy services.
Her work also includes supporting government-led trade initiatives through the Department for Business and Trade and the Welsh Government.
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