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Incoterms® 2020 Rules Overview on Updates

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. This one-day course will give you complete understanding of Incoterms® rules 2020 standards according to the International Chamber of Commerce.

Updates are delivered to those who are already working in the Industry and who have a knowledge of the Incoterms.
Delivered from 08h30 – 12h30 by a Subject Matter Expert Including refreshments
School of Shipping Certificate
Please contact us today at info@schoolofshipping.co.za to register for Incoterms®2020 training.


WORKSHOP OUTLINE

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. This half day OVERVIEW WORKSHOP will give you an understanding of the updates only to the Incoterms® rules 2020 according to the International Chamber of Commerce.

Should the delegate not have previous Incoterms® experience we would strongly suggest that they attend the Incoterms® full day training against the unit standard 252437 (3 credits) – email: info@schoolofshipping.co.za

ICC has launched Incoterms® 2020, the newest edition of the renowned trade terms for the sale of goods, providing certainty and clarity to business and traders everywhere.

The Incoterms® rules were first introduced by ICC in 1936 to establish commonly accepted definitions and rules related to the delivery of goods between trading partners worldwide. Since then, ICC has periodically revised the Incoterms® rules to reflect changes in the international trade system.

The 2020 edition launches during the organisation’s Centenary year.

More accessible and easier to use, Incoterms® 2020 includes more detailed explanatory notes with enhanced graphics to illustrate the responsibilities of importers and exporters for each Incoterms® rule. The introduction to Incoterms® 2020 also includes a more detailed explanation on how to choose the most appropriate Incoterms® rule for a given transaction, or how a sales contract interacts with ancillary contracts.

  • Incoterms® 2020 provides for demonstrated market need in relation to bills of lading (BL) with an on-board
    notation and the Free Carrier (FCA) Incoterms® rule.
  • Incoterms® 2020 aligns different levels of insurance coverage in Cost Insurance and Freight (CIF) and
    Carriage and Insurance Paid To (CIP).
  • Incoterms® 2020 includes arrangements for carriage with own means of transport in FCA, Delivery at Place
    (DAP), Delivery at Place Unloaded (DPU), and Delivered Duty Paid (DDP).
  • There is a change in the three-letter name for Delivered at Terminal (DAT) to DPU.
  • Incoterms® 2020 includes security-related requirements within carriage obligations and costs.

What will you Learn ?
An overview of the Incoterms® and the new Incoterms®2020.

  • Rules for any mode of Transport – EXW, FCA, CPT, CIP, DAP, DPU, DDP
  • Rules for Sea and Inland Waterway – FAS, FOB, CFR, CIF

A certificate of ATTENDANCE will be issued

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R2,000.00

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