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Do you know the difference between FOB and FCA, or when it is more appropriate to use the term CIP than CIF? Misunderstandings and mis-uses of the delivery terms come high on the list of common mistakes made in international trade. This results in muddle and dispute when goods get damaged in transit, with neither seller nor buyer sure who is responsible for sorting out the damage.
The International Chamber of Commerce publication Incoterms 2000 provides a default set of delivery terms. If these are expressly attached to the contract of sale or purchase, these muddles are entirely resolved.
At the end of the course you will be able to apply appropriate Incoterms to any export transaction. You will be clear as to what costs are included in the quoted price and who must deal with goods lost or damaged in transit.
Who is it for?
The course is aimed at those setting up international sales or purchase contracts and the staff in the company who must put these contracts into practice. Knowledge of Incoterms is essential for all well-educated international traders.
What does it cover?
Incoterms issues – where is delivery complete?
The importance of delivery in a sale of goods – passing of risk and the obligation to pay
The difference between passing of risk and passing of title
The purpose of the ICC publication Incoterms 2000
Introduction to the 13 delivery terms
The 4 delivery groups and explanation of Departure and Arrival terms
Proving delivery – the role of the documents
Incoterms and the Single Market
Benefits and outcome
Traders who understand Incoterms set up sound contracts. They appreciate the impact of the chosen Incoterm on delivery obligations and whether to insure the goods, and they know when invoices should be issued. The outcome of using correct Incoterms is improved professionalism and understanding of the practical obligations.
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