IF you do import and export trade transactions or planning trading of goods, it’s a must to master Incoterms, or the International Commercial Terms, used in shipping goods via land, air and sea.
While the revised set of rules on Incoterms in all international trade transactions has taken effect globally five years ago, many exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions, namely, business owners, treasurers, CFOs, procurement officers, trade negotiators and many lawyers, are still unaware of these changes.
They make mistakes in the use of these trade terms that jeopardize their business. It has cost them loss of business opportunities, delays in deliveries and receipt of products and legal challenges.
Understanding these revised rules and incorporating their use in sales contracts will eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions.
These new rules have tremendous impact on trade documentation and critical implications for their businesses, especially in the carriage of goods between seller/buyer, export and import clearance requirements, allocation of costs between seller amd buyer, acquisition of cargo insurance and assumption of risks for loss and damage.
To educate the business community and the general public, the International Chamber of Commerce, in collaboration with the Center for Global Best Practices, will hold a special seminar on the topic entitled “Incoterms: Revised International Rules in the Interpretation of Trade Terms” on March 24 at the Edsa Shangri-La Hotel in Mandaluyong City.
Four terms under the previous Incoterms 2000 were taken out, and two new terms DAT (Delivered At Terminal) and DAP (Delivered At Place) have been added and other terms made obsolete.
Incoterms 2010 promises to be very concise and more relevant to business transactions and cargo security issues, which are now at the forefront of the transportation agenda of all countries and governments.
For details and all other seminars, including other international trade training seminars, such as Mastering the use of Letters of Credit, Standby LCs, UCP 600 and ISBP 2013, Model Templates in International Sales Contracts, check www.cgbp.org.
This special program will feature Singapore-based expert Victor Tan, an authority in the field of trading and banking and with 15 years of banking experience covering areas of international trade finance, remittances, guarantees, import and export. He has worked with various international banks since 1977, starting with Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and, last, Barclays Bank, where he was deputy head at Trade Finance.
Since 1992 he has been conducting highly specialized training in Jakarta, Bangkok and Singapore, Malaysia and the Philippines, where he recently conducted this program at the Bangko Sentral ng Pilipinas and the American Embassy.
He also holds a Master of Business Administration degree from University of Strathclyde, United Kingdom, and is a qualified life associate member of the Chartered Institute of Bankers, London. He will teach everything one has to know on how to apply Incoterms for business advantage.
Those into trading, import and export, sales, insurance, logistics, treasury and finance and audit, and entrepreneurs who has a need for movements of goods locally and internationally would benefit greatly from this event.
Those registering three or more may avail themselves of the group discount. This seminar will include the seminar kit, snacks, sumptuous lunch buffet and certificate of attendance. This is a limited-seats-only event and pre-registration is required.