Incoterms 2010

Duration: 90 Minutes
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Incoterms are standard definitions for terms of shipment (like "FOB") developed by the International Chamber of Commerce (ICC) for use in international sales contracts. Correct use of Incoterms goes a long way to providing the legal certainty upon which mutual confidence between business partners must be based. Over the years, the ICC has made many changes and added to the definitions of these shipping terms in contemporary commercial practice.
Incoterms 2010
Instructor: Buddy Baker
Product ID: 500203

To be sure of using them correctly, this class will assist participants to understand the areas that the 11 Incoterms cover and how each one works. This class will help participants to understand the matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold.

Agenda:
  • Introduction to Incoterms
    • What are Incoterms?
    • Why Incoterms needed to be defined
    • History of Incoterms definitions
    • Difference between Incoterms, American Foreign Trade Definitions, and UCC trade terms
    • Major changes made in Incoterms 2010
  • Review of Incoterms 2010
    • Current list of defined Incoterms
    • Modes of transportation for which each term can be used
    • Point of transfer of responsibilities of parties in each term
    • Typical documents required against each Incoterm
    • Other duties of buyer and seller under each term
  • Chart of Incoterms 2010
  • Transfer of Title
    • Not covered in the Incoterms
    • When there is a title document, title transfers with endorsement and delivery unless retained by legal arrangement
    • If there is no title document, transfer of title should be specified in the contract of sale
    • If not covered in the contract of sale, but the contract of sale is covered by the U.N. Convention on the International Sale of Goods, title transfers when goods are "delivered"
Why Should you Attend:
  • Understand what the Incoterms are and how they serve as an international standard
  • Recognize problems that may arise from incorrect use of the Incoterms or by using archaic or domestic shipping terms instead of Incoterms in international contracts
  • Learn the changes that were made when Incoterms 2010 was enacted
  • Explore the risks and advantages of each Incoterm from the seller’s perspective and the buyer’s perspective
  • Gain proficiency in writing contracts of sale and reviewing purchase orders by knowing how to define who will take the risk of damage, who will contract for carriage, and who will pay the costs of freight, insurance, customs duties, etc
  • Develop insights regarding how and why to document when, in an export sale, title to goods transfers (and what happens if you don’t).
Objectives of the Presentation:
  • How and when to use Incoterms
  • How Incoterms differ from other shipping terms
  • Major changes from Incoterms 2000
  • Misunderstandings about the meanings of FOB and CIF
  • What the Incoterms have to do with transfer of title
  • When the U.N. Convention on the International Sale of Goods applies to export contracts
Who can Benefit:
  • Treasury Department Employees
  • Credit and Collection Managers
  • Company Presidents and CFOs
  • Company Vice Presidents
  • Business Owners
  • Sales Managers
  • Attorneys
  • Insurance Professionals
  • Lending Professionals
  • Accountants
  • Bankers who Finance Trade Receivables
$300
Recorded Session for one participant
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  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
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  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Walter (Buddy) Baker has over 30 years of experience in international trade finance. In May 2009 he joined Fifth Third Bank where he heads their Global Trade Solutions Delivery team. Fifth Third is one of the 20 largest banks in the US and provides a full range of risk mitigation and financing products for exporters and importers. Prior to Fifth Third, Buddy worked for Atradius Trade Credit Insurance, ABN AMRO Bank, Bank of America, Wachovia Bank, and The First National Bank of Chicago.

Buddy is a recognized expert in trade finance and author of numerous magazine articles and the books Users’ Handbook to Documentary Credits under UCP600, Documentary Payments & Short-Term Trade Finance, and The Regulatory Environment of Letters of Credit and Trade Finance. He owns the consulting firm Global Trade Risk Management Strategies, which specializes in educational training, and makes frequent presentations for national associations of exporters, importers, bankers and lawyers. Mr. Baker serves as a member-at-large of the National Letter of Credit Committee of the International Financial Services Association and is actively involved in establishing national and worldwide standard practices for LCs, such as the recent revision of the Uniform Customs and Practice for Documentary Credits (referred to as UCP600), the official ICC guide for examining letter of credit documents, called the International Standard Banking Practices for the Examination of Documents under Documentary Credits, the eUCP supplement to the UCP dealing with electronic documents, the International Standby Practices, and Article 5 of the Uniform Commercial Code. He acts as an advisor to the Institute for International Banking Law and Practice and also serves on the Board of Directors of the Association of International Credit and Trade Finance Professionals (ICTF), a multinational association of export credit managers.

Buddy earned his undergraduate degree at Yale University and his MBA at Northwestern.
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