Understanding Incoterms 2020 - 49th Run

Incoterms rules are the language of international trade that outlines the responsibilities of sellers and buyers for the delivery of goods under sales contracts. The Incoterms rules are updated every 10 years by the International Chamber of Commerce to keep pace with the global trade landscape. Despite the well-established practice of using the Incoterms rules, many still do not apply them correctly. Applying the wrong Incoterms rules could result in delivery and payment problems, with operational and financial implications to companies. Incoterms 2020 brought changes that have been effective since 1 January 2020. Here are the highlights of the Understanding Incoterms 2020 workshop:

1. Overview and definitions of the new Incoterms 2020 rules
2. Explanation of the changes from Incoterms 2010 rules
3. Different modes of transport and the appropriate rules to apply
4. Dos and dont's - selecting the correct Incoterms 2020 rule for your contract
5. What changes within Group D actually mean
6. Amendments to FCA & FOB - BL on board requirement
7. Changes in level of insurance for CIP & CIF
8. Renaming of DAT to DPU

Key Topics

• What are Incoterms?
• Common misconceptions
• Terms of sale vs terms of payment
• What important matters are covered by Incoterms 2020 and what the key changes are
• The new classification under Incoterms 2020
• Different modes of transport and appropriate terms
• Impact of Incoterms rules on shipping and transport documents
• Use of Incoterms 2020 rules in domestic trade
• How Incoterms 2020 affect the relationship between sellers and buyers and their specific responsibilities
• Critical points under Incoterms 2020 for the transfer of risks and costs
• A detailed diagrammatic analysis of the 11 Incoterms
• Relationship of cargo insurance with Incoterms
• Rules for any mode of transport in detail
• Rules for sea and inland waterway in detail