New land, air and sea trade terms take effect globally

MANILA, Philippines - Since Jan. 1, 2011, a new set of rules on INCOTERMS (shipping terms used for land, air and sea) in all international trade transactions took effect globally. Exporters and importers, traders, bankers, insurers, freight forwarders, carriers and the people handling such transactions namely treasurers, CFOs, procurement officers, trade negotiators need to be aware of these changes as they 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 and buyer, acquisition of cargo insurance and assumption of risks for loss and damage.

The Center for Global Best Practices, in collaboration with the International Chamber of Commerce, will hold a special seminar accredited by the Supreme Court for the mandatory continuing legal education of lawyers and open to the public on the topic entitled “New INCOTERMS: The International Rules in the Interpretation of Trade Terms” on Friday, Dec. 7, 2012 at The Peninsula Manila, Makati City.

Four 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. INCOTERMS 2010 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. For details, check www.cgbp.org or call Manila lines at (02) 842-7148/59; 556-8668/69; Cebu Lines at (032) 512-3106 to 07 and Baguio at (074) 423-5148.

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 of 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 advatange.

Understanding these new rules and incorporating their use in sales contracts is necessary to eliminate the uncertainties, errors and costly mistakes in the interpretations created in trade transactions.

Those into trading, import and export, sales, insurance, logistics, treasury and finance, audit, business consultants and entrepreneurs who handle movements of goods locally and internationally would benefit greatly from this event. Attend this special seminar and avail of an early bird and group discounts for attendees of three or more. This seminar will include the seminar kit, snacks, sumptuous lunch buffet and certificate of attendance. This is a limited-seats-only event and pre-registration is required.