Compliance Developing Skills

Incoterms® 2020 Rules - On-line

Event Information:

Date: Wednesday, 2 December 2020

Time: 8:30am - 12:30pm

Available To: Members and Non Members

Member Price: £184.00+VAT

Non-Member Price: £244.00+VAT


 

 Incoterms® 2020 Rules

Incoterms ® rules 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 were published in September 2019 for implementation in contracts from 1st January 2020. The new 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.

Understanding Incoterms ® rules and their use is essential for the successful movement of goods between customers and suppliers around the globe. 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 for the potential revision of EU contracts.

This is the course for people who want a detailed and focused commercial view of the Incoterms® 2020 standards. Attendees will also receive a copy of ICC Incoterms® 2020 Book.

Workshop programme in detail:

  • 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

This is an interactive workshop which is supported by handouts and practical exercises.

Course outcome:

At the end of the course, delegates will have sufficient knowledge to be able to understand the responsibilities and additional costs of international trade with absolute confidence and so optimise the profitability of any international sales agreement. 

Who should attend:

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 and purchasing staff will all benefit from understanding the correct use of these terms.

Course delivery:

This half day seminar will explain 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.

 

Other courses you may benefit from:

  • Export Documentation
  • Letters of Credit
  • Understanding Commodity Coding
  • Rules of Origin and International Trade Preference
  • ITOPS - International Trade Operations and Procedures

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