The Newly Revised Incoterms and their Impact on Foreign Suppliers to the United States
In my experience as a trade lawyer for the past 38 years and a licensed US Customs Broker, INCOTERMS are increasingly used and equally increasingly misapplied and misunderstood. As an exporter to the US, failing to use the best Incoterm can cost your company greatly; such as selecting an Incoterm to cover the transaction which does not specify which party is to obtain cargo insurance, not having the export shipment insured, and then ending up in a costly and time-consuming dispute in the event of damage to or complete loss of a shipment. This presentation will focus on not only providing a basic understanding of INCOTERMS overall but will also detail the benefits and risks associated with the choice of any of the eleven current Incoterms. We will advise you on the best choice of Incoterm in certain situations, those to avoid, and those that can be most beneficial given your preference of cargo transportation, delivery times, and control of the importing country’s entry process.Areas Covered Background to INCOTERMS – what are they, history, use, acceptanceWhat INCOTERMS do and don’t do for your international sales transactionAvoiding costly misunderstandings about INCOTERMSHow Incoterms work with other sales aspectsInternational acceptance of INCOTERMS – Variance in using countriesThe Eleven Incoterms and their individual beneficial and detrimental aspects of the use 2020 changes to individual Incoterms and their requirements Benefits and problems associated with your choice of Incoterms Best Practices for the Use of IncotermsCourse Level - Basic/FundamentalWho Should AttendSales, Trade Compliance, Financial, Accounting, Marketing, Product DevelopmentWhy Should You AttendINCOTERMS change every ten years, in the tenth year. Consequently, the new edition of INCOTERMS 2020, took effect this year. Learn about INCOTERMS and their impact on your business – don’t be hit for unnecessary costs or liability due to either the wrong choice of Incoterm or a misunderstanding of what that Incoterm requires of you as the international seller or buyer. It is important to note that the terms are so essential that the United Nations Commission on International Trade Law (UNCITRAL) recognizes them as the global standard for interpretation in disputes or discrepancies. If you don’t have a full understanding of INCOTERMS and their impact on your sales and purchases, you should get it by attending this webinar. Topic BackgroundInternational Commercial Terms (INCOTERMS) are symbolic of the division of certain costs and the allocation of risks of loss between the parties to an international sales transaction. While their use is ordinarily permissive and not mandatory, INCOTERMS are commonly used as a form of international commercial language whose symbols have the same meaning and effect internationally in most countries, a kind of universal language for world trade.
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In my experience as a trade lawyer for the past 38 years and a licensed US Customs Broker, INCOTERMS are increasingly used and equally increasingly misapplied and misunderstood. As an exporter to the US, failing to use the best Incoterm can cost your company greatly; such as selecting an Incoterm to cover the transaction which does not specify which party is to obtain cargo insurance, not having the export shipment insured, and then ending up in a costly and time-consuming dispute in the event of damage to or complete loss of a shipment.
This presentation will focus on not only providing a basic understanding of INCOTERMS overall but will also detail the benefits and risks associated with the choice of any of the eleven current Incoterms. We will advise you on the best choice of Incoterm in certain situations, those to avoid, and those that can be most beneficial given your preference of cargo transportation, delivery times, and control of the importing country’s entry process.
Areas Covered
- Background to INCOTERMS – what are they, history, use, acceptance
- What INCOTERMS do and don’t do for your international sales transaction
- Avoiding costly misunderstandings about INCOTERMS
- How Incoterms work with other sales aspects
- International acceptance of INCOTERMS – Variance in using countries
- The Eleven Incoterms and their individual beneficial and detrimental aspects of the use
- 2020 changes to individual Incoterms and their requirements
- Benefits and problems associated with your choice of Incoterms
- Best Practices for the Use of Incoterms
Course Level - Basic/Fundamental
Who Should Attend
Sales, Trade Compliance, Financial, Accounting, Marketing, Product Development
Why Should You Attend
INCOTERMS change every ten years, in the tenth year. Consequently, the new edition of INCOTERMS 2020, took effect this year. Learn about INCOTERMS and their impact on your business – don’t be hit for unnecessary costs or liability due to either the wrong choice of Incoterm or a misunderstanding of what that Incoterm requires of you as the international seller or buyer. It is important to note that the terms are so essential that the United Nations Commission on International Trade Law (UNCITRAL) recognizes them as the global standard for interpretation in disputes or discrepancies. If you don’t have a full understanding of INCOTERMS and their impact on your sales and purchases, you should get it by attending this webinar.
Topic Background
International Commercial Terms (INCOTERMS) are symbolic of the division of certain costs and the allocation of risks of loss between the parties to an international sales transaction. While their use is ordinarily permissive and not mandatory, INCOTERMS are commonly used as a form of international commercial language whose symbols have the same meaning and effect internationally in most countries, a kind of universal language for world trade.
