Mastering Incoterms for importers, exporters

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 five years ago, many exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions namely treasurers, CFOs, procurement offi cers, trade negotiators and many lawyers are still unaware of these changes.

They make mistakes in the use of these trade terms that jeopardize their business and has cost them loss of business opportunities and legal challenges.

These new 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 and 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 a special seminar ( with accreditation from the Supreme Court for the Mandatory Continuing Legal Education of lawyers) on the topic entitled “Incoterms: Revised International Rules in the Interpretation of Trade Terms” on June 23, at the EDSA Shangri- La Hotel in Mandaluyong City.

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) 8427148/59; 5568968/69; Cebu lines at (032) 5123106 to 07 and Baguio at (074) 4235148.

This special program will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and with 15 years of 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.