Course: Incoterms®

Course ID: MC-08

This training course can be booked for the study of the Diploma in Customs Competencies. It can also be studied as a stand-alone training course. See here for information about our approach to education and training.

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What this course is all about - in a nutshell

This four-hour course is designed to help you deal with all activities required of import and export professionals that deal with the determination and application of Incoterms® in private or public organisations. We will teach you about how to handle circumstances and activities in Incoterms®, including all shows to incorporate them into contracts 

Background

Global Trade business deals are, by definition, complicated. The main contractual parties are spread among many distinct stakeholders, may speak different languages, and are subject to several legal systems. Incoterms aim to produce a collection of generally recognised and understood norms that may serve as the foundation of the superseding contract. Potential linguistic and jurisdictional ambiguity may be significantly reduced by using the phrases as they were intended. The cost allocation between the parties is the subject of most disagreements in international trade.

Incoterms® are a set of international rules that define the responsibilities of buyers and sellers in international trade transactions. Incoterms® provide a standardised set of rules for interpreting commonly used trade terms, such as FOB (Free on Board) and CIF (Cost, Insurance, and Freight). Using Incoterms® indicates what the seller must pay and, in turn, what expenditures the buyer is accountable for, including the settlement. It is essential to understand the global significance of these terms. Incoterms are crucial in international trade and can significantly impact buyers' and sellers' responsibilities and costs.

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What we will cover in this course

In this hands-on Training, the following will be carried out:

• Good knowledge of the Incoterms® 2020 rules - a set of 11 regularly-used standard trading terms used in international trade.
• Select the correct Incoterms® rule for your transactions
• Understand the duties owed by sellers and buyers, including the risks/costs involved.
• Learn how to add an Incoterms® rule to a sales contract correctly.
• Understand the changes between the 2010 and the 2020 Incoterms 
• Walk through the obligations, risks and costs of all Incoterms.
• Explore at which step for the transaction the transfer of risk between the parties triggered.   

Who would benefit from this course?

The worldwide sales, supply chain, accounting/finance, customs, and shipping professionals at any level may benefit from this training.

Please contact info@customsmanager.org for more information.

Who is the trainer/instructor?

Customs & Global Trade Expert Arne Mielken or a customs & global trade professional partner with many years of practical experience in the course subject.

Expected Outcome and Results

Upon completion of this course, you will have developed a great general awareness and thorough knowledge of:

• The utilisation of Incoterms® and adherence to the regulations of the ICC .
• A proficient understanding of the complete set of 11 Incoterms® 2020. 
• Optimising the selection of Incoterms® rules for your transactions for maximising profitability and minimising risk.
• Comprehend the seller's and buyers comprehend respective responsibilities, as well as the associated risks and costs.
•  Correctly incorporating an Incoterms® rule into a sales contract.
• The differences between the 2010 and 2020 Incoterms.
• A detailed overview of the obligations, risks, and costs associated with each Incoterm.
• The precise moment during the transaction when the transfer of risk between the parties was initiated.

Quiz: Test Your Knowledge

Participants are invited to complete a Quiz after the training. If they pass with a rate of 80%, they will receive a Certificate of Completion in "Incoterms®" - Level 1 - Awareness. This ascertains that you have received formal training and have met the above-mentioned outcomes and results.

Possibility to upgrade to Level 2 - Trained

You have the possibility to achieve a Level 2 - Trained qualification with the completion of additional tasks/case studies and exercises. This will allow you to demonstrate that you are able to handle standard situations and related tasks in the field of  Customs Valuation - independently. Completing a level 2 will require you to invest an additional 2-4 hours of self-study based on a work programme with deliverables. The exercises will mimic practical daily activities in businesses.  You will receive tutor support during this study and feedback on your submissions. If you successfully complete the work programme, you can obtain a  Certificate of Completion in "Customs Value" - Level 2 - Trained. This implies that we have verified and agree that you have a good working knowledge of the concepts and systems related to the subject studied and that you are able to apply and use this knowledge in your daily activities.

An additional fee is payable and more time needs to be invested. Please indicate, if you like to progress to Level 2 and we will provide additional information.

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Practical Aspects

Course Fee

Unless you are studying for the Diploma in Customs Compliance,  individual bookings are subject to payment of a course fee. Upon signing up, an Invoice will be sent to you. Your course booking will be confirmed once payment has been received in full.

Event Policy

This course is covered by our terms & conditions. Please review them before signing up for this course.