Summary

INCOTERMS (International Commercial Terms) are a universally recognized set of definitions of international trade terms, such as FOB, CFR, and CIF, developed by the International Chamber of Commerce (ICC) in Paris, France.  They define the trade contact responsibilities and liabilities between buyer and seller, and are an invaluable and a cost-saving tool.  Once the exporter and importer have agreed on a commercial term such as FOB, they can sell and buy at FOB without discussing who will be responsible for the freight, cargo insurance, and other costs and risks.

In September, 2010 the ICC will release its latest revision of the terms in a publication entitled INCOTERMS 2010. INCOTERMS 2010 takes into account the latest developments in commercial practice, and updates and consolidates some of the former rules. A new classification system divides the 11 INCOTERMS rules into two distinct groups. The updated terms are scheduled to go into effect in January 2011.

A thoughough knowledge of the Harmonized System is essential for anyone involved in global trade.  Proper classification is absolutely critical to establishing the correct duty and the eligibility of goods for a Free Trade Agreement.  

In this training you will receive an understanding of how to properly select the most advantageous INCOTERMS for your transactions and gain knowledge on how to properly classify your products.

Speaker: Jim Wickstead, Senior Consultant, American River International

Tuesday, October 26, 2010, 8:30 - 5:00 pm

Order your copy of Incoterms 2010 today

Please note that the Kentucky World Trade Center can order a copy of the new Incoterms 2010 if you send payment of $52 by October 13 to our office.  We will have your ordered copy at the seminar. Please make checks payable to

Kentucky World Trade Center

1600 World Trade Center

333 West Vine Street

Lexington, KY 40507