The Incoterms 2020 Virtual Webinar
Focus and Strategy
The GMLS objectives, are to provide Global Traders to know, understand and have insight to
- What the Incoterms® 2020 Rules Do.
- What the Incoterms® 2020 Rules do NOT do.
- How best to incorporate the Incoterms® 2020 Rules.
- Delivery, Risks and Costs in Incoterms® 2020 Rules
- Address Incoterms® 2020 Rules and the Carrier.
- Understand the Contract of Sale and their Incoterms clause relationship to other contracts
- Know the 11 Incoterms ® 2020 Rules – “Sea and Inland Waterway”, and “Any Mode of Transport” – getting it right!
- Know the legal Articles Order within the Incoterms® 2020 Rules
- Know the differences between Incoterms® 2010 and 2020
- Apply caution with variants of Incoterms® Rules.
- The ICC’s Role, and the development of Incoterms® 2020 Rules
- The application of the Incoterms® 2020 Rules
- The correct use and choice of the most appropriate Incoterms® 2020 Rules for the specific transaction
- The respective roles & responsibilities of the Buyer & the Seller, regarding: a) Delivery b) Obligations, c) Risks, d) Costs
- Making recommendations regarding the use of Incoterms® 2020 Rules
- The legal use of Incoterms® 2020 Rules
- The impact of a particular Incoterms® 2020 Rules on other 3rd Party Contracts, Transport Documents, Marine Insurance and Payment instruments and institutions
Programme Topics
This comprehensive programme with sessions and content, delivered by Mr. Reginald Moyo, will present innovative, interesting, relevant, and at times, controversial discussion topics including those pertinent to the banking sector, thus dissecting Letter of Credit impacts in the choice of Incoterms.
COMPETENCY, AND CAPACITY IN GLOBAL TRADE, international level standards is a must for African Traders, Regulatory authorities Clearing Agents / Customs Brokers & Freight Forwarders , Legal Practitioners, Bankers, Supply Chain and Logistics Service Providers. Things are changing – ALWAYS.
Key recent changes emergence of the AfCFTA (The African Continental Free Trade Agreement), the World Trade Organisation Agreement on Trade Facilitation (WTO ATF), WCO revised kyoto Convention, The WCO SAFE Framework of Standards, IMO Safety and Security Standards, and the like, AND NOW, the NEW International Chamber of Commerce (ICC) Incoterms® 2020 Rules......
The Importance of the new Incoterms® 2020 Rules
Many practitioners may consider the new Incoterms® 2020 rules version as “easy” or “unnecessary”, however they will become critical in our daily operations for many years, and will serve as the framework and standard for dealing with delivery terms within international sales contracts and related issues, including:
- Arranging and paying for transportation;
- Customs clearance and Security compliance obligations;
- The impact of payment relevant to the chosen term;
- Duty and VAT payments;
- Arranging compliant documentation and notices;
- Agreement on the default point where risk is transferred;
- New insurance obligations;
- Order of the legal articles and application thereof.
One of the most significant roles of Incoterms rules, is ensuring that all international trade is performed in a globally accepted, best practice manner. Buyers and sellers who do not use the Incoterms rules correctly may suffer from extra costs, risks, misunderstandings and disputes, caused by the continuous need to consider variations in language and shipping practices. Luckily, the Incoterms® 2020 rules will clarify all obligations and allow shippers to maintain standard practices without having to constantly negotiate new terms.
The new Incoterms® 2020 Rules reflect the ever-changing nature of today’s international trade system. Over the course of the drafting process of the Incoterms® 2020 rules, several revisions were made to ensure that the rules clearly and accurately reflect present-day trade practices globally.