Understanding Incoterms 2020

Duration: 60 Minutes
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 2020
Product ID: 508681

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 2020
  • Review of Incoterms 2020
    • 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 2020
  • 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 2020 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
$249
Recorded Session for one participant
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Instructor Profile:
Dr. Gerald is an Academic Professor and Founder of RVG International Consulting Firm, LLC. He has over twenty five years of business experience in, strategic management, marketing analysis, and supply chain management. Dr. Gerald worked with small and medium-sized businesses to help improve their business logistic processes through verification of operational and supply chain programs. Also, he had developed management and marketing strategies that were used to improve the efficiency and effectiveness of his client business operations in this global economy.

He earned a Doctor of Business Administration in International Business and Advanced Professional Business Certification in Marketing from Argosy University/Sarasota; He also holds a Master of Science of Law (J.S.M.) degree and certificate in Compliance & Risk Management from Thomas Jefferson School of Law in International Tax and Finance Services. He has also recently completed his MBA in Project Management from the University of Phoenix.

Dr. Gerald is also a member of the Free Trade Alliance, San Antonio Transportation Association, Inc., San Antonio SCORE, TX, Supply Chain Council and Institute of Business Forecasting & Planning, and CATO Institute of Research & Analysis and Academy of Business Research. He is a Certified Supply Chain Manager, and Inventory Planner and Property Forecaster, Certified Consultant for Business Value Analysis and Methodology, Certified Export Leaders of the Free Trade Alliance and Casa of San Antonio, TX; Certified Master Management Consultant and Master Project Manager; and Certified Marketing Analyst and Registered Business Analyst by the International Management Consultant Certification Board (IMCB).

Certified CCA ™ Chartered Compliance Analyst AAFM ® American Academy of Financial Management/ Certified International Project Manager (CIPM) of the AAPM ® American Academy of Project Management. A member of the Council of Supply Chain Management Professionals; and an Advisor for the Mu Kappa Tau Marketing of the Honor Society. He has published scholarly papers for the Journal of International Business and Economics and the Strategic Management Quarterly.
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