Incoterms® 2020 Rules – Online Short Course
ICC (International Chamber of Commerce) has released the new INCOTERMS® 2020 in mid-September 2019 in RSA. The new Incoterms® becomes effective as from 01.01.2020.
“As with other standards, the Incoterms® rules have become so deeply embedded into the international trade system that we often take them for granted. In fact, for many, the Incoterms® rules represent more than just rules and regulations, they are the language of trade. Without the Incoterms® rules, there would be further confusion between buyers and sellers at points of entry, as well as greater unpredictability surrounding the transport, collection and maintenance of goods.
Each day, millions of employees around the world use the Incoterms® rules to do their jobs. While the Incoterms® rules are essential for importers and exporters, they are just as important for those working in financial services, government and academia too. Whether you own a small business in Africa or work for a shipping company in Europe, the Incoterms® rules can influence your position and corresponding responsibilities.” – ICC
The term, Incoterms®, is an abbreviation for International Commercial Terms. They are a set of rules which define the responsibilities of sellers and buyers for the delivery of goods under sales contracts for domestic and international trade. Incoterms® are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions.
Incoterms® provide a common set of rules to clarify responsibilities of sellers and buyers for the delivery of goods under sales contracts. They apportion transportation costs and responsibilities associated with the delivery of goods between buyers (importers) and sellers (exporters) and reflect modern-day transportation practices. Incoterms® significantly reduce misunderstandings among traders and thereby minimize trade disputes and litigation.
Understanding Incoterms® is a vital part of international trade for both the buyer, the seller, the trader and shipping service providers. Incoterms® rules determines the exact geographical point where risk and cost are transferred and determines the obligations of the two parties in the contract of sale.
Online training is delivered to those who are already working in the Industry and who have a knowledge of the Incoterms.
School of Shipping Certificate
Please contact us today at firstname.lastname@example.org to register for Incoterms®2020 training.
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