MANILA, Philippines - Many are unaware that effective Jan. 1, 2011, a new set of rules on incoterms (shipping terms used for land, air and sea) in all international trade transactions is now in force globally. Costly mistakes can be avoided if exporters, importers, traders, bankers, insurers, freight forwarders and carriers are aware of these changes as these will have tremendous impact on trade documentation and critical implications for their businesses, especially in the carriage of goods between seller/buyer, export and import clearance requirements, allocation of costs between seller & buyer, acquisition of cargo insurance and assumption of risks for loss and damage.
Examples of these changes include four shipping terms under the current Incoterms 2000 were taken out, and two new terms DAT (delivered at terminal) and DAP (delivered at place) have been added. The New Incoterms promises to be very concise 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.
To help the public understand these changes, the Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will hold a pioneering MCLE-accredited seminar entitled “Incoterms 2010: New International Rules in the Interpretation of Trade Terms” on Dec. 2 at the Peninsula Hotel in Makati City.
This is a limited-seats-only event and pre-registration is required. Lawyers attending this seminar will earn MCLE credits.
Details of these events and other best practices seminars are available at www.cgbp.org.
You may also email zennie@cgbp.org or call Zennie Escudero at Manila lines at (02) 842-7148/59; 556-8968/69 and 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, and 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 lastly Barclays Bank, where he was deputy head, Trade Finance.
Since 1992 he has been conducting highly specialized training in Jakarta, Bangkok and Singapore. He also holds a Master of Business Administration degree from University of Strathclyde, UK 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.
Understanding these new rules and incorporating their use in sales contracts to eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions. Attend this one-time event and avail of early bird and group discounts for attendees of three or more.