Understanding the Incoterms in various mode of Transportation

Date: January 2018
Time: 9 am to 5 pm
Venue: TBC (around town area)

Program Overview

The newest set of international trade terms are the Incoterms® 2010 rules created by the International Chamber of Commerce which define responsibilities, risks, and costs of the seller and buyer for delivery of goods under sales contracts. The new Incoterms® rules take into account the latest developments in commercial practice, and the updates, add two new rules and deletes four of the former rules. With effect from January 1, 2011, the updated rules became effective.

These trade terms provide a uniform set of rules to assist buyers and sellers in stating each party’s obligations under an international contract. The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.

The Incoterms rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. First published in 1936, Incoterms rules provide internationally accepted definitions and rules of interpretation for most common commercial terms. Incoterms streamline and remove some of the ambiguity that can occur in a contract to provide a basis for dispute resolution.

®”Incoterms” is a trademark of the International Chamber of Commerce.

• Understand the major revisions of Incoterms 2010
• How you can use them effectively in doing your business eg when parties speaks different language, countries etc
• Promote professionalism by enhancing the skills and knowledge by obtaining good understanding for Procurement and International Supply Chain Management.
• Apply Incoterms correctly in their respective organization.

Program Outline

1. ICC INCOTERMS 2010
2. Definition of the 11 Incoterms 2010
3. Review of the different groups of terms
4. Transfer of Risk from the Seller to the Buyer
5. Responsibility for Insurance
6. Costs associated with each Incoterm
7. Importance of applying the Incoterms 2010 terms correctly.
8. Examine the costs, responsibilities & rights associated for the Buyers & Sellers
9. Learn the applicable Incoterms under different transport modes
10. Understand the critical points in Incoterms

Methodology

1. Class Lecture
2. Group Activity
3. Case Study
4. Class Team Presentation

Who Should Attend?

• Personnel from Procurement/Purchasing
• Personnel from SCM Logistics
• Sales and Marketing Personnel

PS: Contents will be contextualized to ensure that it is relevant to the respective Industry

Benefits of attending this program and what questions this training program answers to:

This program is been specially designed to be part of Continuous Learning for those in SCM Logistics Management. The key earnings from this program would enable participants to apply it back to their work place as appropriate.

Course Duration:

I full day program and to be designed accordingly to the target audience.

Program Fee

$399 (Government Funding available*)
* Terms & Conditions Apply