Incoterms 2020 in International Trade, and Shipping Documentations

INCOTERMs are the authoritative rules which clearly define the responsibilities between buyers and sellers of goods and services, ensuring the delivery of sales contracts. INCOTERMs® rules are the world’s essential terms of trade for the sale of goods. Whether you are filing a purchase order, packaging and labelling a shipment for freight transport or preparing a certificate of origin at a port, the Incoterms® rules are there to guide you on the costs, risks and obligations for your business. INCOTERMs were first developed in 1936 by the International Chamber of Commerce (ICC) in an attempt to simplify communicational shortfalls involved with international trade. The INCOTERMs® rules are the regulations that define responsibilities of buyers and sellers operating in the international trade system. They are the authoritative rules for determining how costs and risks are allocated to the parties. INCOTERMs rules are regularly incorporated into contracts for the sale of goods worldwide and have become part of the daily language of trade. International Chamber of Commerce (ICC) has launched INCOTERMs® 2020 set that contains the rules for use of the 11 INCOTERMs® trade terms. It takes into account the latest developments in commercial practice, and updates the rules to make them more accessible and easier to use. The new rules will enter into force on 1 January 2020. As of this date, all sales contracts should make reference to the INCOTERMs® 2020 rules as the latest version of the INCOTERMs rules.

1. INCOTERMS 2020 OVERVIEW a. Introduction to INCOTERMs 2020 b. Purpose & Scope of INCOTERMS c. The importance of INCOTERMS 2. WHAT THE INCOTERM RULES DO’s and DO NOT DO a. Factors to consider for choosing INCOTERMS b. Common mistakes in using INCOTERMS 3. HOW BEST TO INCORPORATE THE INCOTERM RULES? a. Delivery, risk and cost in the INCOTERM 2020 rules b. INCOTERM 2020 rules and the carrier 4. EXW (EX Works) – a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 5. FCA (Free Carrier) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 6. FAS (Free Alongside Ship) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 7. FOB (Free on Board) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 8. CFR (Cost and Freight) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 9. CIF (Cost Insurance and Freight) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 10. CPT (Carriage Paid To) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 11. CIP (Carriage Insurance Paid) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 12. DAP (Delivered at Place) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 13. DPU (Delivered at Place Unloaded) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 14. DDP (Delivered Duty Paid) a. Intro b. The seller costs and obligations c. The buyer costs and obligations d. Seller and Buyer Obligations e. Advice 15. Differences between INCOTERM 2010 and 2020.