What are Incoterms? Understand your responsibilities!
Does your staff understand the “terms of sale” of your international transactions? Incoterms® – an acronym for International Commercial Terms – are rules first issued by the International Chamber of Commerce (ICC) in 1936. Incoterms® rules are typically revised every ten years. The updates reflect changes in international trade practices. The 2020 terms updated responsibilities and obligations for buyers and sellers regarding delivery, transfer of risk of loss, transportation, and insurance, reporting the transaction to customs, transit security, and much more.
Are you using the correct rules for your business?
Incorrect use of Incoterms® rules in an agreement between a seller and a buyer may add costs or confusion. Take our Incoterms® 2020 training course to understand how to apply them in your company for your transactions – whether for export or import or domestic transactions.
This course is excellent for those just beginning in international trade or as a refresher for experienced professionals.
® Incoterms is a registered trademark of International Chamber of Commerce.
A full breakdown of Incoterms
- To understand the seller’s and buyer’s responsibilities and obligations for EACH term.
- How to determine which term is best for your company’s transactions.
- How to avoid risk of loss.
- Where risk of loss transfers from buyer to seller under each term
- Security-related requirements
- The difference between the 2010 and 2020 Incoterms® rules
- Terms for any mode
- About Court Cases interpreting Incoterms® rules
Incoterms 2020 Training Course Will Benefit
Employees of Customs Brokers, Freight Forwarders, Exporters and Importers who are Compliance Officers, Purchasing, Sales/Marketing, Logistics, Traffic, Customer Service, Credit Managers, Order Coordinators, Plant Managers, Operations Managers, Controllers, Engineering, and Legal.
Our Incoterms 2020 online or in-person class is excellent for beginners and also serves as a refresher for experienced professionals. The instructor will level set the course based on attendees.
Customer Testimonials for Incoterms Course
NO SALES, NO GIMMICKS, JUST LEARNING!
* Small Class Size – Time for discussions / Q&A
* Live INTERACTIVE We encourage class participation! You may ask questions throughout the session.
* Book included in price – Great reference to keep at your desk!
* Earn continued education credits (approved for NCBFAA & NASBITE)
* Best in-class Instructors, with real-world experience, which means they can relate to your issues
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® 2021?
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 use the current Incoterms® Rules?
No, you did not have to use the current Incoterms®, but it is highly recommended that you learn and use the current Incoterms® Rules.
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.
Incoterms® 2020 Rules Course Agenda
8:30 a.m. to 12 p.m. – Seminar
9:00 a.m. to 12:30 p.m. (Central Time) – Webinar
- TRADE TERMS FOR DOMESTIC AND INTERNATIONAL TRANSACTIONS
- Incoterms® Rules in Contracts
- Incoterms® Rules and Title Transfer
- Incoterms® Rules vs. The Uniform Commercial Code Terms
- Structure of Incoterms® Rules
- INCOTERMS® 2020 PRODUCT TRANSPORTATION AND RISK OF LOSS
Incoterms® Rules Compared
- TERMS FOR ANY MODE
- EXW -Ex Works (named place)
- FCA – Free Carrier At (named place)
- CPT – Carriage Paid To (named place of destination)
- CIP – Carriage and Insurance Paid To (named place of destination)
- DAP – Delivered at Place (named place of destination)
- DPU – Delivered at Place Unloaded (named place of destination)
- DDP – Delivered Duty Paid (named place of destination)
- MARITIME TERMS
- FAS – Free Alongside Ship (named ocean port of shipment)
- FOB – Free on Board (named ocean port of shipment)
- CFR – Cost and Freight (named ocean port of destination)
- CIF – Cost, Insurance and Freight (named ocean port of destination)
- Trade Term Self-Assessment, Exercises & Quiz
- TERMS FOR ANY MODE
- COSTING METHODS
- CASE STUDIES
- MISTAKES MADE: COURT CASES INVOLVING INCOTERMS® RULES
®”Incoterms is a registered trademark of International Chamber of Commerce.