Incoterms® 2020 – What are they and why do you need them?
Event Time: 09:30 - 12:30
Event Theme: International Trade
Price: Member Rate: £180.00 +VAT | Non Member Rate: £225.00 +VAT |
Incoterms, a widely-used terms of sale, are a set of 11 internationally recognized rules which define the obligations and responsibilities of sellers and buyers defined and published by the International Chamber of Commerce (ICC).
Incoterms 2020 (INternational COmmerce TERMS) which took effect on 1st January 2020 and replaced Incoterms 2010, specifies who is responsible for paying for and managing the shipment, insurance, documentation, customs clearance, and other logistical activities. Incoterms are not contract terms but can be incorporated into a sales contract for goods.
Surrey Chambers of Commerce will be running an online training programme for International Trade to include a course on Incoterms® 2020 on 30th September.
What you will learn:
- Why should you use Incoterms 2020
- Changes made to the 2010 version and why
- The classification of the 11 Incoterms
- Mode of transport to be used
- Place of delivery
- Documents and customs procedures
- Who pays for the transport, seller or buyer?
- Transfer of risks in transporting the goods
- Insurance and extent of coverage
- The relationship between Incoterms and international commercial contracts
What you will achieve:
- A greater understanding of who bears the risk
- An awareness of customs formalities in arriving countries to minimise costs
- Clarity of destination
- An understanding of the need to retrain your sales team when negotiating and quoting terms to your customers with regard to assigning costs
- Knowledge of who has the insurable interest with reference to who owns the goods and who bears the risk
- A more streamlined approach to international trade
The course is being delivered by Linda Bazant, Barrister and Transition Consultant who specialises in advising clients on how to prepare UK businesses for the global stage post-transition.
She continues to help organisations to develop their internal processes to successfully handle the UK transition process.
She is a member of Gray’s Inn, the Bar Association of Commerce and Finance in Industry and The Institute of Export and International Trade.