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Larken_VIRTUAL WEBINAR

9 NOVEMBER 2021 10:00AM - 12:00 PM

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INCOTERMS® - ESSENTIAL KNOWLEDGE FOR INTERNATIONAL TRADE

9 NOVEMBER 2021 10:00 AM - 12:00 PM

The latest version of Incoterms® came into effect on Jan 1st, 2020. If you haven’t been to an Incoterms® training in a while, or at all, now would be a great time to catch up. Do you know how to use Incoterms® in a quotation, letter of credit, proforma and commercial invoice? Do you know what to include in your terms of sale regarding Incoterms®? If not, this class will help you understand how and when to use Incoterms® to your advantage. How can you use Incoterms® to minimize your company’s exposure, reduce risk, save money, and even increase sales?

This webinar is free!

Topics Include:
• A complete review of all new Incoterms® 2020 – what are they, when and how to use them.
• Understanding how to incorporate proper usage of Incoterms® into proforma and commercial invoices.
• Strategies on how Incoterms® should be used to increase sales and lower unnecessary liability/ exposure costs.
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The Importance of Incoterms

Before carrying out any form of an international commercial transaction, it is essential to know the rules that regulate the responsibility of both the exporter and the importer. This helps avoid making mistakes that could generate extra costs or legal problems in the future. One of the most relevant issues is the Incoterms, which are specific terms used between the parties involved in a contract.
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What are Incoterms?
Incoterms, or international trade terms, are a series of rules established to define a commercial transaction between two parties: the exporter and the importer. They were created in 1936 by the International Chamber of Commerce (ICC) to control the contracts of sale of goods to offer a more reliable method or regulation.

Although the Incoterms 2010 version is still valid (at this time) for older contracts, it is recommended to use the newest 2020 version. One of its features is the simplification of the conditions that the parties in a contract have to meet. There are eleven individual rules that clearly define the respective tasks, costs and risks to be assumed. This includes specifying the transfer of risks, place of delivery of the goods, documents to be processed and identifying who is responsible for paying the transport and insurance.

What is the main advantage of using Incoterms?
The main advantage of Incoterms is the standardized terminology used by all companies doing international business. Specific terms or acronyms provide both carriers and buyers with clear rules, helping to avoid confusion about each party’s responsibilities and cost management.
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Carolina World Trade Association

Founded in 1964, CWTA is a chapter of the North Carolina World Trade Association (NCWTA), which promotes growth of trade between North Carolina and the world by providing education and networking opportunities for our global ecosystem.

As a business-driven non-profit organization, CWTA’s mission is to promote, foster and encourage international commerce success and expand economic growth in the Carolinas region. We do this by:
  • Advocating the interests of businesses engaged in international trade on local, regional, state, and federal levels;
  • Educating businesses and their employees to the resources, issues, policies, and practices within international trade;
  • Promoting regional assets and opportunities for expanding inbound and outbound international commerce; and
  • Celebrating the successes of international trade in the region.

www.CWTA.org

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