USCIB details Incoterms seminar plans

USCIB details Incoterms seminar plans    The U.S. Council for International Business gave details Wednesday about the seminars it will hold later this year to familiarize shippers and others involved in international trade with pending Incoterms revisions.
   The USCIB is the U.S. arm of the International Chamber of Commerce, which devises and publishes Incoterms. A new set of rules is due to be released in September and go into effect on Jan. 1.
   Incoterms, short for International Commercial Terms, are standard trade definitions most commonly used in international sales contracts, and are widely accepted by governments, legal authorities and trade practitioners worldwide.
   “The Incoterms 2010 rules represent a big change in many practical aspects of international sales and purchase transactions,” said Peter M. Robinson, USCIB’s president and chief executive. “It is critically important that longtime users get up-to-speed on the revisions. What’s more, even those just getting started in international trade need to understand how to use these crucial rules in order to avoid disputes and unnecessary costs.'
   Starting in September, the USCIB will offer seminars led by Frank Reynolds, the council's delegate to the ICC for the Incoterms revision process, and a longtime authority on international commercial rules.
   The seminars will provide an overview of the Incoterms rules and the revision process, definitions, their role in sales/purchasing contracts, analysis of the various Incoterms rules and their relation to payment terms. Each attendee will receive a copy of the official ICC Incoterms 2010 book as well as a companion book, Incoterms for Americans, along with comprehensive seminar notes.
   “The revisions are both sweeping and practical,” Reynolds said. “They consider the post-9/11 cargo security regulations and new Institute Cargo Insurance Clauses. Delivery, so critically important for revenue-recognition compliance, is also addressed in far greater detail. Another important development is the increasing use of the Incoterms rules in domestic U.S. commerce, especially since the elimination of shipment and delivery terms from the Uniform Commercial Code in 2004.”
   Visit www.iccincoterms2010.org for a full list of seminar dates and locations, and to register. Pre-orders of the official ICC publication, Incoterms 2010, which goes on sale Sept. 1, are being accepted at the ICC Books U.S. Web site.