Understanding the Incoterms 2020 Rules

08 Dec 2022 09:30 - 12:00

Online Event

Members: £300.00
Non members: £350.00

*This Virtual Workshop comes with a free copy of the Incoterms 2020 Booklet worth £50 (Valid for 10 years)*

How can your business work efficiently and safely within the commercial terms (‘Incoterms® 2020 ’) defined by the International Chamber of Commerce?

This half-day “virtual” workshop is for anyone working in international trade – from industry newcomers to experienced exporters and/or or importers. It is also appropriate for corporate service providers and advisers, including freight forwarders, banks and accountants.

It gives you:
  • a clear understanding of how the Incoterms® rules map out the obligations, costs and risks involved in the delivery of goods from sellers to buyers
  • a practical guide to correctly applying Incoterms® rules to your global sales and purchasing activities
  • the opportunity to review practical case studies based on a range of scenarios.
The following topics are covered:
Introduction and background to the Incoterms ® rules.
Functionality of the Incoterms ® rules
Classifications and groups
  • Rules for any mode or modes of transport
  • Rules for sea and inland waterway transport
What changed in the recently published Incoterms® 2020 rules?
A review of the 11 Incoterms® 2020 rules
  • Division of costs, risks and obligations between seller and buyer
  • Case studies – seller and buyer perspectives.
Commonly misused terms and how to avoid the consequences
  • Why EXW is inappropriate for international shipments
  • Are traders taking risks by using FOB, CFR and / or CIF inappropriately?
    Managing risk and insurance
Putting Incoterms® 2020 into practice
  • Selecting the appropriate Incoterms® rule
  • Incoterms Quiz
    Conclusion and close
    Course Duration: 9:30 – 12:00 (includes 10 minutes mid-morning break)

This workshop is sponsored by The West Midlands Combined Authority

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