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 Stark has been an accredited member of the Institute of Export for twenty years and runs her own business, Stark Export Focus, delivering international trade support, advice and training to companies across the UK. Becky has extensive experience of delivering training for the DIT and British Chambers of Commerce, offering accredited and independent public and in-house courses which encompass both the practical and strategic aspects of international trade. She takes great pride in her interactive delivery style, the rapport she develops with delegates and the high levels of customer satisfaction.
Events
You may also like
Dangerous Goods by Air – Full Certification (3 Day 7 - 9 Sept)
