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Incoterms 2010

Selecting the appropriate rules for carriage, customs clearance, and transport insurance is an important factor in international trade. It is crucial that the costs and risks, as well as the tasks assigned to each party, are clearly communicated. Disputes can easily arise if trading partners have a different understanding of who is incurring costs for insurance and carriage or who is arranging which part of the transportation process.

 

The International Chamber of Commerce (ICC) has published rules, called ‘Incoterms’, which govern the delivery and the transportation of goods. These terms have gained widespread commercial and legal acceptance across the globe. This course provides an overview of the latest version of these rules (Incoterms 2010), including their application and practical use.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Describe the rules and typical usage for each of the 11 Incoterms 2010

    Outline how Incoterms 2010 can be applied in trade transactions

  • COURSE OUTLINE

    Topic 1: Basics of Incoterms 2010

    Definition of Incoterms

    Grouping of Terms

    o Rules for Any Mode of Transport

    o Rules for Sea and Inland Waterway Transport Only

    Rules for Any Mode of Transport

    o EXW – Ex Works

    o FCA – Free Carrier

    o CPT – Carriage Paid To

    o CIP – Carriage and Insurance Paid To

    o DAT – Delivered at Terminal

    o DAP - Delivered at Place

    o DDP – Delivered Duty Paid

    Rules for Sea and Inland Waterway Transport Only

    o FAS – Free Alongside Ship

    o FOB – Free on Board

    o CFR – Cost and Freight

    o CIF – Cost, Insurance, and Freight

    Summary of Responsibilities of Buyer & Seller

    Principal Changes from Incoterms 2000 to Incoterms 2010

    Topic 2: Application of Incoterms 2010

    General Application

    o What do Incoterms Not Address?

    Challenges in Applying Incoterms

    o Common Mistakes

    Application of Incoterms to Documentary Credits

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    50 Minutes

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