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The Incoterms® rules or International Commercial terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) that are widely used in International commercial transactions or Procurement processes.
They are hugely important for both Importers and Exporters and they define the risk, responsibility, cost and obligations for a shipment between the buyer and seller of products. Without using and understanding these terms could result in unseen costs or even financial penalties, due to issues with a shipment at customs for example.
Incoterms would identify to both parties what their own risk was and suitable cover could then be applied to ensure that all liabilities are covered.
- Incoterms 2020 Chart - download
This online course has been designed to help exporters all over the world understand Incoterms® and how to select the correct term for their international transactions. These global shipping terms have huge importance in the exporting and importing of products from around the globe. They outline the risk, responsibility and cost between the buyer and the seller for each shipment.
This course covers all aspects of Incoterms 2020. It is designed for people who may be new to exporting and people with experience in using Incoterms, who want to get updated on this latest 2020 version.
How does the course work?
The course is composed of 14 modules that will take you through all the elements of understanding Incoterms® 2020. Learning the terminology will help you to better understand how to cover the risks and responsibilities between the buyer and seller, their obligations to each other for the shipment and the allocation of costs.
Each module has informative information about each area of Incoterms and then will have an explanatory video to help emphasise the key learning objectives of each module.
At the end of each module there will be an assessment with interactive questions. When you have completed all 14 modules successfully, you will then have a final assessment after which you can claim your certificate of completion.
This course is accessible online, 24/7, so you can learn at your own pace and go back to things to check you have really understood the topic.
Some of the key learning objectives include:
- What are Incoterms®2020?
- What has changed from the 2010 version to the 2020 version of Incoterms.
- How are they used for export sales?
- A detailed explanation of each Incoterm?
- What are the buyer and seller obligations for each term?
- How to select the correct term for a specific transaction
- What are the benefits of one term over another?
- What are the risks of one term over another?
- What are the commercial benefits of using the correct term?
This course is designed for people involved in all areas of international trade.
Support is available at all times during the course.
Who is this course for?
This course is suitable for people involved in international trade. Including, sales, order administration, logistics and shipping, accounts, purchasing and anyone involved in the shipping of physical products.
There are no formal requirements for this course. If you are involved in the shipping of products then this course is suitable for you to get up to date with the latest version of Incoterms
With the UK leaving the EU, there are so many more opportunities for people to get involved in international trade. Simply because in 2021 all shipments become imports and exports thus a requirement for many more skilled staff in this field. Understanding of Incoterms will be a benefit for anyone wanting to move into this area of business and having this core competence will be an advantage
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