The newest set of international trade terms are the Incoterms® 2010 rules created by the International Chamber of Commerce which define responsibilities, risks, and costs of the seller and buyer for delivery of goods under sales contracts. The new Incoterms® rules take into account the latest developments in commercial practice, and the updates, add two new rules and deletes four of the former rules. With effect from January 1, 2011, the updated rules became effective.
These trade terms provide a uniform set of rules to assist buyers and sellers in stating each party's obligations under an international contract. The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Incoterms® rules are recognized by UNCITRAL as the global standard for the interpretation of the most common terms in foreign trade.
The Incoterms rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. First published in 1936, Incoterms rules provide internationally accepted definitions and rules of interpretation for most common commercial terms. They streamline and remove some of the ambiguity that can occur in a contract especially when parties speak different languages. They provide a basis for dispute resolution. Attend the Seminar on ICC Incoterms® 2010 rules to understand the major revisions of these terms and how you can use them effectively in doing business.
®"Incoterms" is a trademark of the International Chamber of Commerce.
Exporters, Importers, Sales and Marketing Managers, Purchasing Managers, Forwarders, Logistics Service Providers, Customs Brokers, Carriers, Insurers, Trade Consultants
- ICC INCOTERMS 1980, 1990, 2000 & 2010
- New major revisions to Incoterms 2010
- Definition of the 11 Incoterms 2010
- Review of the different groups of terms
- Transfer of Risk from the Seller to the Buyer
- Responsibility for Insurance
- Costs Associated with Each Term
- Advantages and disadvantages of each term
- Know the proper use of the Incoterms 2010 terms
- Examine the costs, responsibilities & rights associated for buyers & sellers
- Learn the applicable Incoterms under different transport modes
- Understand the critical points in Incoterms
Thomas Sim is the Group Chief Executive Officer of International Freight Consultants (S) Pte Ltd.
He is presently the 1st Deputy Chairman of the Singapore Logistics Association and in addition, chairs the Training & Development Committee. He is actively involved in the FIATA Advisory Body Vocational Training as the Chairman. He also chairs the Working Group on Education & Training under that ASEAN Federation of Freight Forwarders Associations (AFFA).
With Thomas’s extensive knowledge and working experience, he is able to impart valuable industry knowledge as a part-time lecturer with the association.
Thomas represented the FIATA Advisory Body Vocational Training as a resource speaker at the Train-the-Trainer Programmes held in Ulaanbaatar, Mongolia in 2003, Nairobi, Kenya in 2004 and Accra, Ghana in West Africa in 2005.
He also represented the association as a resource speaker at regional workshops organised by the Economic and Social Commission for Asia and the Pacific (UN ESCAP).
He is also currently a member of the Institute of Technical Education (ITE) Business & Services Academic Advisory Committee that periodically reviews and advises the ITE on relevant trends and practices of international business communities including the logistics industry.
1 day : 9 am to 6 pm
The Logistics Academy
A Certificate of Attendance will be awarded upon successful completion with 75% attendance.