International: INCOTERMS 2020 Revision

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Brexit has changed the way we need to consider delivery terms for international trade with the EU. As international trade increases and becomes more complex with the rest of the world as well as Europe it is becoming more important to understand universally accepted rules. We shall be looking at the whole international trade function in respect of INCOTERMS 2020.

This course serves well as a complete guide to all eleven recognised INCOTERMS as designed in 2019 and effective from January 2020.

Delegates will be given a complete description of the risks and responsibilities for buyer and seller, of each one of the terms and an explanation of the practical and legal reasons for use. It provides a useful revision opportunity for experienced staff as well as those new to the shipping or export office and will be particularly relevant to businesses that are now exporters or importers for the first time due to the end of the EU transition period.

By the end of this course delegates will be able to:

• Understand why INCOTERMS were created and their purpose
• Understand the definitions of the INCOTERMS rules
• Appreciate the VAT implications of the use of each term
• Understand the effect of each INCOTERM on the export or import quotation
• Appreciate the legal obligations of each INCOTERM as they relate to transport and handover/ownership of cargo
• With our location in mind, attention in detail is paid to requirements to facilitate trade with Europe, though not to the exclusion of the rest of the world

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