ICC has been writing and publishing the Incoterms® rules for more than 70 years, providing guidance on responsibilities of buyers and sellers for certain aspects of the delivery and transport of goods under sale contracts. The rules have been translated into more than 30 languages, and represent the authoritative global standards in international trade. We sat down with Emily O’Connor, Senior Policy Manager of the ICC Commission on Commercial Law and Practice to throw some light on the world’s best known import/export tool.
What role do the Incoterms® 2010 rules play in international commercial transactions?
The Incoterms® 2010 rules are used in countless commercial transactions every day in every country. They provide a set of contractual provisions that can be incorporated simply into contracts for the sale of goods and take into account the latest developments in commercial practice, updating and consolidating some of the former rules. The Incoterms® rules have become part of the daily language of global trade, and save a lot of time and effort for importers and exporters.
In what way does the ICC Guide accompany the Incoterms® 2010 rules?
The Guide is a great companion to the text of the Incoterms® 2010 rules themselves, and looks at how the rules work in practice as well as the consequences following from the choice of the different rules. In order to avoid costly mistakes – usually discovered too late – it is very important that users become educated about the rules, and understand the obligations that come with each of the rules. The Guide is therefore an invaluable companion giving a practical overview of buyers’ and sellers’ obligations related to the 11 Incoterms® rules.
What is the Incoterms® 2010 Q&A book?
The Incoterms® 2010 Q&A book features more than 40 real-life user questions on the rules and corresponding guidance provided by ICC experts drawn from the Incoterms® 2010 Drafting Group. In addition, the Q&A book includes questions and expert guidance on a previous version of the rules, which provides an interesting view into the evolution and practice and the rules. The Q&A truly represents a one-stop shop for users, as it includes explanatory general material, an international trade glossary, a decision flowchart to help users understand how to choose the correct Incoterms ® rule and information on documents commonly associated with each of the rules.
Who are the Incoterms® rules products made for?
ICC highly encourages importers, exporters, lawyers who advise on import or export deals, and trade finance officers, and anyone else in the chain of actors involved in international sales to avail themselves of the range of ICC products. All the Incoterms® rules products are designed to be short, concise and user-friendly, and are also suitable to students or anyone interested in the latest developments in international sales.
Is there a training I can attend to learn more about the Incoterms® 2010 rules?
ICC offers programmes throughout the year and in multiple locations. The next event is the Advanced International Contracts Training on 17 November 2014 at ICC global headquarters in Paris, which will briefly cover the rules and allow participants to learn more about how to draft key contract clauses. Incoterms® 2010 Online Trainings are also another option, and are a convenient way for busy professionals to earn credits at a distance. Each participant at the November Contracts Training will receive access to the Incoterms® 2010 Online Training for one year for training and reference purposes.
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