Incoterms

INternational COmmercial TERMS

Incoterms® 2020 Course

Does your staff understand the “terms of sale” of your international transactions? Incoterms® – an acronym for International Commercial Terms – are the rules first issued by the International Chamber of Commerce (ICC) in 1936 as a way of unifying the shipping practices and legal interpretations between countries involved in global trade. Terms are now upgraded every ten years, giving countries the most current definition of the responsibilities and obligations of international sellers and buyers for the delivery of goods under both international and domestic sales contracts. Incorrect use of Incoterms® may cause delays and additional costs if misinterpreted, e.g., critical comprehension of which party is responsible for transportation, insurance, reporting the transaction to customs, transit security, and much more. Take our new Incoterms® 2020 course, excellent for those just beginning in international trade and as a refresher for experienced professionals. Download a free infographic of Incoterms® Rules Sheet here. The new 2020 Incoterms® Rules training is one of our most popular courses!

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Consider Incoterms® Training Because:

  • Incoterms® were updated as January 2020.
  • You need to learn which term is best for your company.
  • Do you need to coordinate with your buyers and sellers?
  • Who in your organization needs to understand the new terms?

What you will learn in Incoterms® 2020 online training:

  • NEW Incoterms® 2020 trade terms including changes to FCA, DAP (DPU), CIF, and CIP
  • New security-related requirements within carriage obligations and costs
  • 11 Incoterms® 2010 trade terms will still be reviewed
  • Responsibilities & obligations for seller and buyer under each term
  • Product transportation and risk of loss
  • Terms for any mode
  • Maritime terms
  • Court Cases will be reviewed

Course Will Benefit

Employees of Exporters, employees of Importers, Compliance Officers, Purchasing, Sales/Marketing, Logistics, Traffic, Customer Service, Credit Managers, Plant Managers, Operations Managers, Controllers, Engineering, Legal, Customs Brokers, Freight Forwarders. Anyone involved or with the responsibility for International Documentation, Compliance Rules and Regulations.

Our Incoterms 2020 class is excellent for beginners and also serves as a refresher for experienced professionals. Instructor will level set the course based on attendees.

Frequently Asked Questions about Incoterms (FAQ)

What are Incoterms®?

The Incoterms® or International Commercial Terms are a set of pre-defined commercial terms published by the International Chamber of Commerce (ICC) which define responsibilities and obligations of sellers and buyers.

How do I find a class on Incoterms® 2018 (or 2019)?

There is no such thing. Incoterms® Rules are updated about every 10 years. Our most recent Incoterms® 2020 online training is available now. See history of Incoterms® Rules here.

How does using Incoterms® lower our risk?

Incoterms® help to neutralize confusion and eliminate inconsistencies in language by offering a comprehensive means of defining specific terms in trade agreements, reducing the risk of problems arising during the shipment process since all parties clearly understand their obligations. This greatly reduces conflicts that can arise between sellers and buyers.

Did we have to switch to the new terms starting January 2020?

No, you did not have to switch.  But it is highly recommended that you learn the new Incoterms® and find the term that best suits your company and customers. The updates are done to meet the most current needs of exporters and importers.

What is FOB Origin, Freight Collect?

This is not an Incoterms® rule. It is a definition within the U.S. Uniform Commercial Code (UCC) and bears no resemblance to FOB as defined within Incoterms®. The UCC definitions are widely used for domestic transactions within the US but are problematic at times. UCC rules are adopted by each U.S. state or territory to suit local conditions. The Incoterms® rules are a much better choice and are appropriate for domestic as well as international sales.

Course Agenda

Incoterms® 2020 Rules Course Agenda

International Commercial Terms
8:30 a.m. to 12 p.m. – Seminar
9:00 a.m. to 12:30 p.m. (Central Time) – Webinar
  1. TRADE TERMS FOR DOMESTIC AND INTERNATIONAL TRANSACTIONS
    1. Incoterms® Rules in Contracts
    2. Incoterms® Rules and Title Transfer
    3. Incoterms® Rules vs. The Uniform Commercial Code Terms
    4. Structure of Incoterms® Rules
  2. INCOTERMS® 2020 PRODUCT TRANSPORTATION AND RISK OF LOSS
    Incoterms® Rules Compared

    1. TERMS FOR ANY MODE
      1. EXW -Ex Works (named place)
      2. FCA – Free Carrier At (named place)
      3. CPT – Carriage Paid To (named place of destination)
      4. CIP – Carriage and Insurance Paid To (named place of destination)
      5. DAP – Delivered at Place (named place of destination)
      6. DPU – Delivered at Place Unloaded (named place of destination)
      7. DDP – Delivered Duty Paid (named place of destination)
    2. MARITIME TERMS
      1. FAS – Free Alongside Ship (named ocean port of shipment)
      2. FOB – Free on Board (named ocean port of shipment)
      3. CFR – Cost and Freight (named ocean port of destination)
      4. CIF – Cost, Insurance and Freight (named ocean port of destination)
    3. SUMMARY
      1. Trade Term Self-Assessment, Exercises & Quiz
  3. COSTING METHODS
  4. CASE STUDIES
  5. MISTAKES MADE: COURT CASES INVOLVING INCOTERMS® RULES

®”Incoterms is a registered trademark of International Chamber of Commerce.

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Customer Testimonials for Incoterms Course

“I thought that the course was excellent! I now have a better understanding of how Incoterms impacts everyone involved and therefore, can have a more meaningful conversation with customers. Loved the course, it was great!” – Customer Service Rep
“This class will allow me to be more effective when using incoterm and not wonder if I’m doing the right thing. The class was well taught. Trudy did an excellent job and I look forward to having more classes with her.” – Export Coordinator
“The most beneficial part of the course was the instructor’s opinions based on personal experience. The course will help me in trying to educate coworkers and save cost and risk for the company.” – Program Manager
“Most beneficial part of the course was the discussion on revenue recognition, the difference between CIF and CIP terms and understanding the transfer of risk on all of the terms. I now have a better understanding of how incoterms impact everyone envolved and therefore can have a more meaningful conversation with customers” -Customer Service Rep

® Incoterms is a registered trademark of International Chamber of Commerce.

$395.00
Per Person

Small Class Size
3.5 Hrs Teaching
Printed Book Included
Certificate of Completion
3.5 CCS/CES/MES/CEU Credits

Half-Day Class

Seminar Time: 8:30am-Noon Local Time
Webinar Time: 9am – 12:30pm CT
One 15min break

Schedule:

(click date details)

LocationDate
WebinarNov 13th
WebinarDec 16th

Incoterms 2020 for Importers & Exporters
Authors: Petersen & Thompson


Book included with registration!

Certificate Issued Upon Completion

Course has been approved to

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