Incoterms – The Essentials

Incoterms (International Commercial terms) are rules for International Trade which allocate the division of responsibility between the Shipper (usually the supplier) and the Consignee (usually the buyer) in the process of shipping the goods from one to the other. As import and exports increase and the volume of products moved between different countries is looking to grow further into the future, more clarity on protection for both parties in a transaction is becoming more important.

INCOTERMS® rules can be invaluable for shifting costs and liability associated with exporting, importing and shipping and for avoiding disputes down the road but only if companies understand how to use them properly.

Ensure that all international trade parties clearly understand their responsibilities in performing trade under the given contract with this half-day course on Incoterms. In just one afternoon of training you will eliminate potential inconsistencies in language by giving all parties the same definition of specific terms within your trade agreements.

International Trade rules and procedures can be extremely complex, and just one mistake can cost your business or department thousands of pounds. Why not avoid that catastrophe with a modest investment in international training? One of the best ways of doing this is by taking this half-day course on proper use of INCOTERMS® rules, published by the International Chamber of Commerce (ICC) and updated in 2010.

Key Learning objectives and outcomes of the course:

• What are Incoterms?
• What are the benefits of using Incoterms for both buyer and seller?
• Explanation of the risk and responsibility for buyer and seller.
• The obligations for both buyer and seller.
• Explanation of each term outlining the pros and cons of each.
• The commercial implications of using Incoterms.
• The correct application for the correct mode of transport.
• Issues that can be avoided by understanding how to use the terms.

While many businesses employ INCOTERMS® rules in their commercial contracts, these contracts are often negotiated by individuals who don’t really understand what the INCOTERMS® rule means and don’t know how to use them effectively. This course explains some of the benefits of using INCOTERMS® rules and how they can improve your international commercial contracts.

This course is run back-to-back with the morning course “Customs and Procedures” and is suitable for all levels and all departments involved with the sales, financing and shipping of products. This course is CPD Accredited and attendees awards 5 CPD points on completion.

Does the time/date/location not work for you? We’re flexible, feel free to contact us about in-house or bespoke International Trade Courses and we’ll be happy to bring the training to your facility on a date and at a time that is most convenient to you!