The New Incoterms® 2020 – Selecting the Right Terms for Your International Sales Transactions
Does your company fully understand the “terms of sale” it currently uses in purchase and sales transactions—that is, does it have a firm grasp on all of its rights and obligations under these contracts with regard to the shipping or transportation of goods? The Incoterms® are the internationally accepted set of rules, published by the International Chamber of Commerce (ICC), that define the specific responsibilities of sellers and buyers for the delivery of goods under international sales contracts. In September 2019, the ICC released the newest version of the rules (Incoterms® 2020) that took effect on January 1, 2020.
These rules, when used correctly, greatly reduce misunderstandings amongst buyers and sellers as well as reduce the risk of contract disputes and litigation. Certain terms will identify the party responsible for transportation, insurance, loading and unloading of cargo, and customs clearance. In addition, the terms identify the point at which title to the goods and risk of loss will transfer from the seller to the buyer, and the rights and responsibilities of the parties if goods are lost or damaged. It is critical for companies to choose the right terms of sale for their transactions. Unfortunately, companies often choose unwisely, which can lead to significant delivery delays and increased costs. In this webinar, international trade attorney Melissa Proctor of Miller Proctor Law PLLC will discuss the new rules. Specific topics will include:
- What are Incoterms®?
- How the new Incoterms® 2020 terms deviate from Incoterms® 2010
- Overview of the maritime terms in Incoterms® 2020
- Overview of the Incoterms® 2020 terms that can be used in any mode of transportation
- Transfer of title and risk of loss under Incoterms® 2020
- The levels of insurance coverage under Incoterms® 2020
- Security-related requirements
- The role of Incoterms® in determining the customs value of goods imported into the United States
- The risks and benefits of each term
- When does insurance transfer?
- When does risk transfer?
- Proper description of sales terms in contracts for the sale of goods
This webinar will provide PowerPoint slides and include live video and commentary from Melissa Proctor. She has been advising companies for nearly 25 years on the full range of issues involving the customs laws and regulations, export controls, embargoes and economic sanctions compliance, anti-corruption/anti-bribery compliance, and other government agency requirements relating to the cross-border movement of goods, information, and services.
Webinar participants are invited to submit questions during the webinar; the final 30 minutes of the webinar will be allotted to answering attendees’ questions. Each registrant will receive a copy of the presentation, certificate of completion, and access to the webinar recording. Register even if you cannot attend; we will send you access to the webinar recording along with a copy of the presentation!
- Internet (broadband recommended)
- Speakers/headset is required to hear the presentation
- Access to your computer to install a small plug-in required by the webinar software
- SEE FULL COMPUTER REQUIREMENTS AND ACCESS REQUIRED DOWNLOADS
Please read the Webinar Terms and Conditions before you register.
Date & Time
January 29, 2020
1:00 PM EST
1 hour 30 minutes
Comprised of 1 hour of commentary and 30 minute Q&A session
1 Participant: $195.00
2-5 Participants: $146.25 each
(25% discount for all participants)
6 or more Participants: $97.50 each
(50% discount for all participants)
ECoP® EAR or ITAR Renewal Credits