Int’l Commercial Terms for Bankers, Traders & Lawyers

IF YOU DO IMPORT AND EXPORT TRADE transactions, it’s a must to master INCOTERMS (International Commercial Terms used in shipping goods on land, air and sea). While the revised set of rules on INCOTERMS in all international trade transactions has taken effect globally four years ago, many exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions namely treasurers, CFOs, procurement officers, trade negotiators and many lawyers are still unaware of these changes. They make mistakes in the use of these trade terms that jeopardize their businesses and banking clients that has cost them delay or non-delivery of their goods due to discrepancies in documentation, loss of business opportunities, and legal challenges. Understanding these revised rules and incorporating their use in sales contracts will eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions. These revised rules has tremendous impact on trade documentation and critical implications for their businesses, especially in the carriage of goods between seller/ buyer, export and import clearance requirements, allocation of costs between seller & buyer, acquisition of cargo insurance and assumption of risks for loss and damage.

To educate the business community and the general public, the International Chamber of Commerce in collaboration with the Center for Global Best Practices, will hold the last seminar for the year on the topic entitled “INCOTERMS 2010: Revised International Rules in the Interpretation of Trade Terms” on Friday, October 9, 2015 at the EDSA Shangri-La Hotel in Mandaluyong City, Philippines.

The revised INCOTERMS promises 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 all countries and governments. For details and all other seminars including other international trade training seminars such as Mastering the use of LC, Standby LCs, UCP 600 and ISBP 2013, Model Templates in International Sales Contracts, check www.cgbp.org or call Manila lines at (02) 842-7148/ 59; 556-8968/ 69; Cebu lines at (032) 512-3106 to 07 and Baguio at (074) 423-5148.

This special program will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking experience covering areas of international trade finance, remittances, guarantees, import and export. He has worked with various International Banks since 1977 starting with Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and lastly Barclays Bank, where he was Deputy Head, Trade Finance.

Since 1992 he has been conducting highly specialized public and in-house training in Jakarta, Bangkok and Singapore, Malaysia and the Philippines where he recently conducted this program at the Bangko Sentral ng Pilipinas and the American Embassy. He will teach everything one has to know on how to apply INCOTERMS for business advantage.

Those into sales, trading, import and export, insurance, logistics, treasury and finance, audit, and entrepreneurs who has a need for movements of goods locally and internationally would benefit greatly from this event. Those registering 3 or more may avail of the group discount. This is a limited-seats-only event and pre-registration is required.