How to master the use of trade terminologies

If you do import and export trade transactions or planning to trade goods, it is a must to master INCOTERMS (international commercial terms used in shipping goods on land, air and sea). While the revised set of rules on INCOTERMS in all international trade transactions has taken effect globally seven years ago, many exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions, namely business owners, treasurers, CFOs, procurement officers, trade negotiators and many lawyers are still unaware of these changes.

In collaboration with the International Chamber of Commerce to educate the business community and the general public, the Center for Global Best Practices will have a re-run of the program titled, “INCOTERMS: Revised International Rules in the interpretation of trade Terms” on Sept. 14, 2018 at the EDSA Shangri-La Hotel, Mandaluyong City.

These revised set of INCOTERMS is a more concise version of the previous one and more relevant to business transactions and cargo security issues which are now at the forefront of the transportation agenda of all countries and governments. Understanding these revised rules and incorporating their use in sales contracts will eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions. These new rules have tremendous impact on trade documentation and critical implications for businesses, especially in the carriage of goods between seller/ buyer, export and import clearance requirements, allocation of costs between seller and buyer, acquisition of cargo insurance and assumption of risks for loss and damage.

This special program will feature Singapore-based expert, Victor Tan, an authority in the field of trading and banking, and with 15 years of banking experience covering areas of international trade finance, remittances, guarantees, import and export.

Check www.cgbp.org for a complete list of international trade programs or call landlines in Manila (+63 2) 842-7148/59 and (+63 2) 5568968/69, in Baguio (+63 74) 423-2914, in Cebu (+63 32) 5123106 or 07, or Legazpi City (+63 52) 736-0148.