Key Learning Outcomes & Case Studies Include
- Overview of Incoterms, history and the differences between editions
- The legal effect of Incoterms’ 2020; what is and is not covered
- Rules for different modes of transport, including multimodal, sea and inland waterway transport
- Delivery and the passing of risk on contracts of transport and insurance
- Selecting the right terms for different kind of cargo (i.e. bulk cargoes, containers, breakbulk)
- Understand buyer’s and seller’s obligations: carriage, insurance, export/import clearance, notices, payment, among others
- Understand the impacts on letters of credit, bills of lading payment & transport documents
- Negotiation exercises (e.g. Choosing INCOTERMS, Insurance obligation, documentary collection, etc)
- Review common legal disputes in relation with INCOTERMS
About the Course
Essential and widely recognised in the world of shipping and transportation, Incoterms’ rules define specific responsibilities and obligations of sellers and buyers in the sale and shipment of goods. Such obligations range from documentation, insurance, payment to customs clearance and other logistical activities including packaging & labelling, certificate of origin.
Whether you are a seller, buyer, export/import houses, thorough understanding of Incoterms’ rules and regularlyused trading terms enable you to select the right Incoterm rules, better negotiate and mitigate issues arising in payment, transactions and logistics.
Led by legal expert in international trade law and cargo claims, this live-online seminar offers in-depth examination in to the origin, history of INCOTERMS, latest provisions and specific issues such as the delivery and passing of risks, the interlocking nature of the obligations, the impacts on transport & financing documents, common misconceptions, and practical guide to negotiating contracts.
Who Will Benefit
- Anyone engaged in the international sale and transportation of goods including international and domestic transport providers
- Logistics, Supply Chain, Finance personnel
- Legal counsels, contract manager, claims and insurance professionals
- Import/Export houses
- Commercial, marketing managers and business development executives dealing with sale and contracts of sale, transport and insurance
- Insurance providers and legal services
Professor Martin Davies
INTERTANKO Documentary Committee
Maritime Law and Director of the Maritime Law Center, Tulane University Law School, USA; Consultant to Norton Rose Fulbright, an international law firm.
Martin Davies is author (and co-author) of text books on maritime law, international trade law, conflict of laws, and the law of torts. He has taught maritime law at universities in the United States, Australia, China, Singapore and Italy. He frequently speaks at conferences and seminars around the world. He also has extensive practical experience as a consultant in maritime matters and general international litigation and arbitration.
Martin has advised on cargo claims, arrest and admiralty matters, drafting bills of lading, sea waybills and charterparties, collisions and limitation of liability, oil pollution, salvage, marine insurance, maritime arbitrations and international sale of goods. He is a member of the Documentary Committee of Intertanko.
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- Overview of Incoterms, history
- Differences between editions
- What’s new in 2020, legal effect
- What the Incoterms® 2020 do not cover – items that must be separately agreed
- Choosing the right term
- Difference between price terms and trading terms
- The organisation of Incoterms® 2020
- Rules for any mode or modes of transport, including multimodal (EXW, FCA, CPT, CIP, DPU, DAP, DDP)
- Rules for sea and inland waterway transport (FAS, FOB, CFR, CIF)
- Which obligations of buyer and seller are identified in Incoterms® 2020
– Ten pairs of obligations
- The interlocking nature of the obligations
- When Incoterms® 2020 improve an obligation and when they simply advise what is prudent
– When to buy insurance without obligations (CFR and CPT)
- Delivery and the passing of risk (including string sales) (A2/B2, A3/B3)
– Common pitfalls
- The impact of the passing of risk on ancillary contracts of transport and insurance
Using the right term for the right kind of cargo: FOB vs FCA, CIF vs CIP
- Which terms to use for bulk cargoes, which for containers, which for breakbulk
- Common mistakes
- Carriage (A4/B4)
- Insurance (A5/B5)
- Export/Import clearance (A7/B7)
- Checking/packing/marking (A8/B8)
- Allocation of costs (A9/B9)
- Notices (A10/B10)
- Documents and their relationship to payment obligations (B1)
– Negotiable and non-negotiable transport documents (A6/B6)
– Multimodal transportation: Which carrier for the C terms?
– Making sure the ancillary contracts (transport and insurance) match the chosen term
- “On board” bills of lading with FCA terms (2020 version)
– For letters of credit, other documents must be stipulated by buyer
Negotiating Exercises – What to know as seller and buyer
Common legal disputes associated in relation to INCOTERMS
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