About this Course

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.

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