Incoterms 2020 (Terms Of Delivery) and Terms Of Payment

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.

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

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

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

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

Examine case studies to recap what you have learned.

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

CEOs

Managing Directors

Directors

Exporters

Importers

International Business and Marketing Heads

Manufactures

Merchant Exporters

Banks

CHAS

EXIM Software Companies