Incoterms® (International Commercial Terms) express contractual obligations between seller and buyer in an international sale of goods. They guide and provide certainty in the contract of sale.
Although around 90% of global trade is covered by the Incoterms® Rules, misunderstandings and misconceptions are prevalent. The contracting parties do not always fully understand how to utilise Incoterms® in procurement, sales and contracting processes and there are linkages with payment systems that need to be understood. Incoterms® also impact directly on the contracting parties’ obligations in relation to the contracts of carriage and insurance.
The latest version of the Incoterms® Rules (Incoterms® 2020) was published in early September 2019. This comprehensive course will explain all of the changes introduced under Incoterms® 2020 and will provide delegates with practical examples and case studies to help illustrate the correct application of all Incoterms® Rules. Correct adoption of these rules will safeguard you against misunderstandings and disputes between buyers and sellers.
Delegates from the private sector may attend the first three days of this training course to learn the fundamentals of Incoterms®. Course fee: £1,795.
Shorter duration awareness training on Incoterms® is also available upon request.
This course is also available as a three-day remote training delivery. Course fee: £1,295.
On completion, you will be able to:
- Incorporate Incoterms® into sales contracts and purchase orders
- Understand the differences between Incoterms® 2010 and Incoterms® 2020
- Negotiate appropriate Incoterms® with the counterparty in the context of your risk profile
- Understand what Incoterms® do not cover
- Appreciate the dangers of varying or adapting the details of the terms
- Background to Incoterms®
- Review of Incoterms® 2020, and how this compares with Incoterms® 2010
- The rationale of Incoterms®
- Understanding the four groups and 11 terms
- Incoterms® and insurance
- Incorporation into the contract
- Common errors
- Other ICC rules such as UCP 600 for Letters of Credit
All courses will be conducted entirely in English. A proficient level of both spoken and written English is required by all delegates so that they are able to fully benefit from the course and participate in our interactive style of training.