Incoterms 2020 (Terms Of Delivery) and Terms Of Payment

 Description

Incoterms® are a set of rules which define the responsibilities and obligations of international sellers and buyers for the delivery of goods under sales contracts. Incoterms® are published by the International Chamber of Commerce (ICC) and are widely used in international commercial transactions. Incoterms® is short for International Commercial Terms. Incorrect use of Incoterms® may cause delays and additional costs if not understood. Certain rules will determine who is responsible for transportation, insurance, reporting the transaction to customs and much more

Does your staff understand the “terms of sale” of your international transactions? It is critical to comprehend the seller and buyer’s rights and obligations with respect to the shipping or transportation of goods. Incoterms® may be used for both international and domestic transactions. Take our new Incoterms 2020 course to understand who is responsible for insurance and when transfer of risk moves from the Seller to the Buyer. Learn the different meaning between domestic and international terms.

Course Outline

Terms of Delivery (Incoterms® 2020) Rules 

• Understand the changes in the Incoterms® 2020 rules
• Identify how best to incorporate these updated rules in sales contracts
• Recognize seller/buyer obligations in terms of costs and risks

Definition of Incoterms® 2020 Rules

• Identify the fundamental commercial purposes of each rule
• Distinguish the basic seller and buyer obligations in each rule
• Select which Rule would be best for a particular transaction
• Assess the risks involved in using the wrong Rule for the wrong transaction

Obligations

• Discover the structure of the new Incoterms 2020 rules according to the first five obligations, starting from General Obligations to Carriage
• Classify how each rule deals with different aspects of a trade transaction
• Distinguish which Incoterms® rule to use on a particular aspect of a transaction
• Discover the structure of the new Incoterms 2020 rules according to the second half of the obligations, from Insurance to Notices
• Classify how each rule deals with different aspects of a trade transaction
• Distinguish which Incoterms® rule to use on a particular aspect of a transaction

Comparison Matrix

• Analyse specific sections of various Incoterms® rules to find the one you need

Case studies

• Examine case studies to recap what you have learned.

Terms of Payment 

• Type of Payment 
• Letter of Credit – Important Definitions 
• Process, Procedure and Problems with LC 
• Do’s and Don’ts in LC 
• Legal Policy on Payment realisaiton and non-receipt of payment (EDPMS/IDPMS) 
• Q&A 

Target Audience

• CEOs
• Managing Directors
• Directors
• Exporters
• Importers
• International Business and Marketing Heads
• Manufactures
• Merchant Exporters
• Banks
• CHAS
• EXIM Software Companies