IF you do import and export trade transactions or planning to trade goods, it’s a must to master Incoterms (International Commercial Terms used in shipping goods on land, air and sea). While the revised set of rules on Incoterms in all international trade transactions has taken effect globally seven 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.
Don’t make mistakes when using trade terminologies that can jeopardize your businesses. In collaboration with the International Chamber of Commerce to educate the business community and the general public, the Center for Global Best Practices will have a rerun of the program, entitled “Incoterms: Revised International Rules in the Interpretation of Trade Terms,” scheduled on September 14 at the Edsa Shangri-La Hotel, Mandaluyong City. [Check www.cgbp.org for a complete list of International Trade programs, including “Best Practices Guide on How to Import Goods to the Philippines,” “Mastering the Use of LC for Import and Export,” “Revised ISBP on LC Transactions, ICC Model International Sales Contracts,” “Best Practices in Handling Customs Tax Audits and Remedies” and many more. You may also call landlines in Manila [+63 2] 842-7148/59 and [+63 2] 556-8968/ 69, in Baguio [+63 74] 423-2914, in Cebu [+63 32] 512-3106 or 07, or Legazpi City [+63 52] 736-0148.]
This revised set of Incoterms is a more concise version of the previous one 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. 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 businesses, especially in the carriage of goods between seller/buyer, export and import clearance requirements, allocation of costs between seller and buyer, acquisition of cargo insurance and assumption of risks for loss and damage.
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, Trade Finance. He is the accredited trainer of the International Chamber of Commerce in Southeast Asia. He also holds a Master of Business Administration degree from University of Strathclyde, UK, 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.
This program is open to the general public. Those into trading, import and export, banking, sales, insurance, logistics, treasury and finance, audit and entrepreneurs who has a need for movements of goods locally and internationally would benefit greatly from this event. Public officials and government employees attending training programs like this are exempted from the P2,000 limit set by the COA based on the DBM Circular 563 dated April 22, 2018. Interested participants are encouraged to avail themselves of the early-payment savings and group discounts for three or more registrants. Seats are limited and preregistration is required.