International Commercial Terms, more commonly referred to as Incoterms®, are a set of globally recognised rules published by the International Chamber of Commerce (ICC). They are covered by International Law and designed to clearly communicate transactions, costs and risk associated with the international transportation of goods.
Understanding Incoterms® help importers and exporters to understand their responsibilities and to avoid costly misunderstandings.
In today’s online world, organisations’ international trade continues to grow. Since your customer can be based anywhere, and your suppliers may be globally dispersed, companies are maintaining international supply chains to support their businesses. For all transactions regarding the international transportation of goods, companies must ensure they are using the correct documentation, making correct declarations, and using the correct Incoterms® will ensure that your responsibilities are understood and unnecessary costs are avoided.
Understanding each of the 11 Incoterms®, where responsibility lies, how they are used and the impact of using them incorrectly, is key to ensuring you are managing cost and risk in your international shipments. These rules are there to guide you, and this training will provide you with an understanding of each of the rules and what they might mean for your business.
One half day
Maximum 15 persons online and 2o in person
Online or in person
What will you learn on this course?
- What do we mean by Incoterms®
- Incoterms in the supply chain
- How critical Incoterms are in the Supply Chain
- Categories of Incoterms
- Advantages and Disadvantages of Incoterms
- Common Pitfalls to be aware of
Who should attend this course?
- Understand what Incoterms® are and where they came from
- Have a basic knowledge of the categories of Incoterms®
- Appreciate the role of Incoterms® in international commerce
- Understand the responsibilities of each party associated with the transportation of goods
- See the impacts of Incoterms® in the Supply Chain
- Reflect on your own roles and how Incoterms® affect the transactions you manage