Know your Incoterms®2020

This module explores Incoterms® 2020. Familiarizing yourself with Incoterms® will help improve smoother trade transactions by clearly defining who is responsible for what in each step of the transaction.

Incoterms® defines a consistent framework of the expected transport service to be provided, which removes uncertainty and define legally enforceable responsibilities across international jurisdictions. Incoterms® set a named place where the risk and responsibility switches from the supplier to the buyer. This location and the conditions are summarized in three-letter words. There are 11 different Incoterms® specified for all modes of transport.
Incoterms® is a complex subject and needs focused attention to fully understand the rules and the situations to which they apply. The course has been designed with picture explanations of the 11 rules focusing on implicit reinforcement to facilitate understanding of applicable mode, definition, transfer of risk, insurance, seller and buyer responsibilities. The self-quizzes in the course will assist to assess acquired knowledge and understanding of the rules.

Target Group
Employees working in Freight Forwarding Operations, Customs, Legal, Business Development

Learning Outcomes

• Background to Incoterms® explaining the history of the versions, what it is, who owns it and guiding principles
• The important version changes between Incoterms® 2010 and 2020
• The guiding principles of Incoterms® 2020
• Buyer and seller obligations organized in the rules into 10 articles, with A (seller) and B (buyer) obligations divided into specific topics
• Using Incoterms® 2020 rules in contracts of sale
• Groupings of Incoterms® 2020 rules
• The 11 Incoterms® 2020 rules explained complemented with self-quizzes and a tabbed reference guide