21 February 2018
Published also in Business Mirror
IF you do import and export trade transactions or the planning to trade goods, it’s a must to master International Commercial Terms (Incoterms) used in shipping goods on land, air and sea).
While the revised set of rules on Incoterms in all international trade transactions took 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. They make mistakes in the use of these trade terminologies that jeopardize their businesses. It has cost them loss of business opportunities, delays in deliveries and receipt of products and additional legal costs to solve their problems.
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 their businesses, especially in the carriage of goods between seller and 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.
To educate the business community and the general public, the International Chamber of Commerce, in collaboration with the Center for Global Best Practices, will hold its special yearly seminar on the topic, entitled “Incoterms: Revised International Rules in the Interpretation of Trade Terms,” on Friday, March 9, at the Manila Marriott Hotel in Pasay City.
This 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. For details and all other seminars, including other international trade-training seminars, such as Business’ Guide on How to Import Goods to the Philippines, Mastering the Use of Letters of Credit, Standby LCs, UCP 600 and ISBP 2013, Model Templates in International Sales Contracts, check www.cgbp.org or call Manila lines at (02) 842-7148/59; 556-8968/69; Cebu lines at (032) 512-3106 to 07.
This special program will feature Singapore-based expert Victor Tan, an authority in the field of trading and banking, with 15 years of banking experience covering areas of international trade finance, remittances, guarantees, import and export. He has worked with various International banks since 1977, starting with Standard Chartered Bank, Amsterdam-Rotterdam Bank, Bangkok Bank, Royal Trust Merchant Bank and Barclays Bank, where he was deputy head, trade finance. He is the accredited trainer of the International Chamber of Commerce in Southeast Asia.
Since 1992 Tan has been conducting highly specialized training in Jakarta, Bangkok and Singapore, Malaysia and the Philippines, where he recently conducted this program at the Bangko Sentral ng Pilipinas and the American Embassy. He also holds a Master of Business Administration degree from University of Strathclyde, United Kingdom and is a qualified life associate member of the Chartered Institute of Bankers, London. He will teach everything one has to know on how to apply Incoterms for business advantage.
Those into trading, import and export, sales, insurance, logistics, treasury and finance, audit, and entrepreneurs who has a need for movements of goods locally and internationally would benefit greatly from this event. Those registering 3 or more may avail themselves of the group discount. Interested participants may also avail of the early-payment savings. This seminar will include the seminar kit, snacks, lunch buffet and certificate of attendance. This is a limited-seats-only event. Pre-registration is required.