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Incoterms 2010
- How and when to use Incoterms
- How Incoterms differ from other shipping terms
- Major changes from Incoterms 2000
- Misunderstandings about the meanings of FOB and CIF
- What the Incoterms have to do with transfer of title
- When the U.N. Convention on the International Sale of Goods applies to export contracts
Overview of the webinar
Incoterms are standard definitions for terms of shipment (like “FOB”) developed by the International Chamber of Commerce (ICC) for use in international sales contracts. Correct use of Incoterms goes a long way to providing the legal certainty upon which mutual confidence between business partners must be based. Over the years, the ICC has made many changes and added to the definitions of these shipping terms in contemporary commercial practice. To be sure of using them correctly, this class will assist participants to understand the areas that the 11 Incoterms cover and how each one works. This class will help participants to understand the matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold.
Who should attend?
- Treasury department employees
- Credit and collection managers
- Company presidents and CFOs
- Company vice presidents
- Business owners
- Sales managers
- Attorneys
- Insurance professionals
- Lending professionals
- Accountants
- Bankers who finance trade receivables
Why should you attend?
- Understand what the Incoterms are and how they serve as an international standard.
- Recognize problems that may arise from incorrect use of the Incoterms or by using archaic or domestic shipping terms instead of Incoterms in international contracts.
- Learn the changes that were made when Incoterms 2010 was enacted.
- Explore the risks and advantages of each Incoterm from the seller’s perspective and the buyer’s perspective.
- Gain proficiency in writing contracts of sale and reviewing purchase orders by knowing how to define who will take the risk of damage, who will contract for carriage, and who will pay the costs of freight, insurance, customs duties, etc.
- Develop insights regarding how and why to document when, in an export sale, title to goods transfers (and what happens if you don’t).
Faculty - Mr.Buddy Baker
Walter (Buddy) Baker brings more than 30 years of experience in international trade finance to this presentation. Mr. Baker’s professional experience includes stints with Atradius Trade Credit Insurance, ABN AMRO Bank, Bank of America, Wachovia Bank, and The First National Bank of Chicago.
Mr. Baker is a recognized expert in trade finance and makes frequent presentations for national associations of exporters, importers, bankers, and lawyers. He owns the consulting firm Global Trade Risk Management Strategies, which specializes in educational training, and designed the online training/certification programs used by the Association of International Credit and Trade Finance Professionals (ICTF) and by the Association of Trade and Forfaiting in the Americas (ATFA) and the trade finance sections of the certification program used by the Finance, Credit, and International Business Group (FCIB) of the National Association of Credit Management (NACM). Mr. Baker has authored numerous magazine articles and the books Users’ Handbook to Documentary Credits under UCP600, Documentary Payments & Short-Term Trade Finance, and The Regulatory Environment of Letters of Credit and Trade Finance. As a member of the National Letter of Credit Committee of the Bankers’ Association for Finance and Trade, the Advisory Council of the Institute for International Banking Law and Practice, and the Council for International Standby Practices, Mr. Baker is actively involved in establishing national and worldwide standard practices for LCs. He participated in the most recent revision of the Uniform Customs and Practice for Documentary Credits (referred to as “UCP600”), contributed to the creation of the official ICC guide for examining letter of credit documents, called the International Standard Banking Practices for the Examination of Documents under Documentary Credits, and served on the drafting committees for the International Standby Practices (“ISP98”) and Article 5 of the Uniform Commercial Code. He also serves on the Board of Directors of the Association of International Credit and Trade Finance Professionals (“ICTF”), a multinational association of export credit managers.
Buddy earned his undergraduate degree at Yale University and his MBA at Northwestern.