The Language of Domestic & International Trade
Incoterms are international rules published by the ICC for the interpretation of trade terms eg EXW, FOB, CFR, CIF, CPT etc. Exporters, Importers, Bankers and Insurers, Freight Forwarders and Carriers need to be aware of the new changes in Incoterms 2010 which have critical implications to their business especially on the following :
- Carriage of goods between seller/buyer
- Export and import clearance requirements
- Allocation of costs between seller & buyer
- Acquisition of transit/cargo insurance
- Assumption of risks for loss and damage
Incoterms 2010 promise to be very concise and more relevant to business transactions and cargo security issues which are now at the forefront of the transportation agenda of numerous countries.
The changes in the new Incoterms rules are massive, sweeping as well as practical. Four terms under the old Incoterms 2000 were taken out. Two new terms DAT (Delivered At Terminal) and DAP (Delivered At Place) have been added. The ship’s rail is no longer mentioned as the point of delivery in FOB, CFR and CIF! Who should pays for terminal handling charges are now being clearly specified.
- Methods of Payment in International Trade – An overview
- Introduction to Incoterms
- What are Incoterms? Why Revision of Incoterms – Its purpose and scope.
- What important matters are covered by the new Incoterms 2010 and the main
changes to Incoterms 2000?
- The new classification under the new Incoterms 2010
- The importance of ‘Point of Delivery’ versus ‘Agreed Point’ in international trade
- Trade terms commonly used in International Trade : A pictorial presentation, Responsibilities of Seller & Buyer, Point of Delivery – Division of Cost and Risk, Case Studies.
- EXW (Ex Works)
- FCA (Free Carrier) – Comparison with EXW – similarities & differences
- FAS (Free Alongside Ship)
- FOB (Free On Board)
- CFR (Cost And Freight)
- CIF (Cost Insurance And Freight)
- CPT (Carriage Paid To) – Comparision with CFR – differences and similarities
- CIP (Carriage Insurance Paid)
- DAP (Delivered At Place) – Comparison with DAF, DES and DDU,CPT
- DAT (Delivered At Terminal) – Comparison with DEQ
- DDP (Delivered Duty Paid)– Comparison with EXW
- Modified Incoterms – What are the risks involved ?
- How to use and choose Incoterms for domestic and international trade.
- Insurance issues in Incoterms