Incoterms® 2020 Course
Incoterms® are a set of rules which define the responsibilities and obligations of international sellers and buyers for the delivery of goods under sales contracts. Incoterms® are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. Incoterms® is short for International Commercial Terms. Incorrect use of Incoterms® may cause delays and additional costs if not understood. Certain rules will determine who is responsible for transportation, insurance, reporting the transaction to customs and much more. See infographic of the history of Incoterms® by clicking here.
Does your staff understand the “terms of sale” of your international transactions? It is critical to comprehend the seller and buyer’s rights and obligations with respect to the shipping or transportation of goods. Incoterms® may be used for both international and domestic transactions. Take our new Incoterms 2020 course to understand who is responsible for insurance and when transfer of risk moves from the Seller to the Buyer. Learn the different meaning between domestic and international terms. New Incoterms 2020 is one of our most popular courses! See Schedule ->
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. See history of Incoterms® Rules here.
Do we have to switch to the new terms starting January 2020?
No, you do not have to switch. But it is highly recommended that you learn the new Incoterms and find the term that best suites your company and customers. The updates are done to modernize the terms.
What you will learn
- NEW Incoterms® 2020 trade terms
- 11 Incoterms® 2010 trade terms will still be reviewed
- Responsibilities & obligations for seller and buyer under each terms
- Product transportation and risk of loss
- Terms for any mode
- Maritme terms
Course Will Benefit
Employees of Exporters, employees of Importers, Purchasing, Sales/Marketing, Logistics, Traffic, Customer Service, Credit 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.
As of October 2019 class will cover update to Incoterms® 2020 Rules.
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.
|Small Class Size|
|3.5 Hrs Teaching|
|Printed Book Included|
|Certificate of Completion|
|3.5 CES/CCS/CEU Credits|
(click date details)
Course has been approved to
Earn credits! See below