Incoterms

Q: What are Incoterms®?

The Incoterms® or In ternational Co mmercial 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.

Q: What are Incoterms?

The Incoterms® or In ternational Co mmercial 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.

Global Training Center > Incoterms

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 this class 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. 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 below.

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 terms 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.

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

Agenda will be updated late September 2019. As of October 2019 class will cover update to Incoterms® 2020 Rules.

Course Agenda (will be updated late September 2019)

Download Agenda

Incoterms® Rules Course Agenda

8:30 a.m. to 12 p.m. – Seminar
9:00 a.m. to 12:30 p.m. (Central Time) – Webinar
Reference book Incoterms 2020 Coming Soon!

INTRODUCTION
DOMESTIC TERMS OF SALE FOR DOMESTIC TRANSACTIONS IN THE UNITED STATES
- AN OVERVIEW OF THE UNIFORM COMMERCIAL CODE
- F.O.B. ORIGIN OR F.O.B. DESTINATION,WHAT IS THE DIFFERENCE?
- RISK OF LOSS
- PASSAGE OF TITLE
INCOTERMS® 2010 PRODUCT TRANSPORTATION AND RISK OF LOSS
- TERMS FOR ANY MODE
  - Ex Works (named place) EXW
  - Free Carrier At (named place) FCA
  - Carriage Paid To (named place of destination) CPT
  - Carriage and Insurance Paid To (named place of destination) CIP
  - Delivered at Terminal (named place of destination) DAT
  - Delivered at Place (named place of destination) DAP
  - Delivered Duty Paid (named place of destination) DDP
- MARITIME TERMS
  - Free Alongside Ship (named ocean port of shipment) FAS
  - Free on Board (named ocean port of shipment) FOB
  - Cost and Freight (named ocean port of destination) CFR
  - Cost, Insurance and Freight (named ocean port of destination) CIF
EXERCISES/WORKSHOP