Incoterms 2020

Course Details

When

Start: 4 Sept 2023
End: 5 Sept 2023

Where

Dubai
United Arab Emirates

Incoterms 2020

Incoterms is the foundation of contracts in import-export firms and international trade. If you choose an incoterm without considering its practical applicability, benefits, and drawbacks, it may end up costing heavily in the long run.

This course will make sure your understanding of the Incoterms regulations is up to date and compliant to properly advise clients and coworkers. This will ensure that the delegate will become the go-to Incoterms expert in the organization to negotiate delivery clauses in sales contracts with assurance.

By the end of this training course participants will be able to:

– Recognize the variations between Incoterms 2010 and 2020.
– Know how to use Incoterms 2020 practically.
– Visualize the flow of expenses, dangers, and obligations according to Incoterms 2020.
– Recognize the benefits and drawbacks of various Incoterms for use in trade contracts.
– Understand the correct way to add an Incoterms rule to a sales contract.
 

Course Content

Introduction
• Review methods in Incoterms 2020
• Summary of historical changes in Incoterms
• Specific updates made to the 2020 edition and the differences from the 2010 version
• Responsibilities owed by sellers and buyers, as well as the risks and expenses associated and how they are allocated between articles


Incoterms® Rules
• Delivered at place (DAP)
• Delivered duty paid (DDP)
• Free alongside ship (FAS)
• Free on board (FOB)
• Cost and freight (CFR)
• Cost insurance and freight (CIF)
• Ex Works (EXW)
• Free carrier (FCA)
• Carriage paid to (CPT)
• Carriage and insurance paid to (CIP)
• Delivered at terminal (DAT)
• Determine each rule’s main commercial objectives
• Add an Incoterms rule to a sales contract fittingly
• Identify the fundamental buyer/seller responsibilities for each rule
• Choose the rule that will work best for the given transaction
• Analyze the risks associated with applying the incorrect rule to your transaction


Group of Incoterm Rules
• Buyer is in charge of all transportation (EXW)
• The buyer plans the main carriage (FAS, FOB, FCA)
• Risk passes after main carriage even though seller organizes it (DAT, DAP, DDP)
• Risk dissipates before to major conveyance, which is arranged by the seller (CFR, CIF, CPT, CIP)


Corrections for Incoterm Rules
• Use of CIP without verifying that the insurance level meets the commercial contract
• Inability to determine how to treat terminal handling fees at the point of arrival
• Insufficient precision when naming a port or location
• Using DAT or DAP with a post-clearance delivery point without confirming contact between carrier and customs authorities
• Using DDP without first confirming that the supplier is able to comply with all local requirements
• Using EXW to execute export operations without considering the ramifications of the buyer


Issues that are resolved by Incoterms® 2020
• Use of carriers/forwarders
• Import clearance
• Risk transfer
• Export clearance
• Transport costs
• Insurance
• Security-related clearances
• Electronic freight documentation
• General Remarks


Case Studies
• Examine case studies that present various international commerce scenarios and the interactions between the buyer (importer) and supplier (exporter)
Training Method

The training will be conducted in a friendly, inclusive and professional atmosphere, which is conducive for different learning styles, but respects each attendee as an individual and ensures each one is challenged and achieve maximum benefit from the course. Our goal is that attendees will be highly engaged and encouraged to be participative.

Book your place

Incoterms 2020​
4 Sept 2023 – 5 Sept 2023
Location: Dubai
AED 2100