SOURCE: USCIB

USCIB

USCIB

July 14, 2010 11:10 ET

Big Changes Coming to Global Shipment and Delivery Terms

Seminar Series Will Explain Revisions to ICC Incoterms® Rules

NEW YORK, NY--(Marketwire - July 14, 2010) -  Shippers, credit executives and others involved in international trade need to familiarize themselves with imminent changes to the global rules governing terminology used in international sales contracts.

Incoterms® 2010 rules by the International Chamber of Commerce, the much-anticipated revision of key trade terms accepted by governments, legal authorities and practitioners worldwide, will take effect on January 1, 2011. ICC's American arm, the United States Council for International Business (USCIB), plans a nationwide series of seminars beginning in September to explain the changes.

"The Incoterms® 2010 rules represent a big change in many practical aspects of international sales and purchase transactions," according to Peter M. Robinson, USCIB's president and CEO. "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."

The seminars will be led by Frank Reynolds, a longtime authority on international commercial rules and the U.S. representative on the ICC drafting group that recommended the changes. First introduced in 1936, the Incoterms® rules have been revised periodically to account for practical changes in usage and the way business is done.

"The revisions are both sweeping and practical," said Mr. Reynolds. "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."

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.

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 September 1, 2010, are being accepted at the ICC Books USA website (www.store.iccbooksusa.net).

USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation. Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.

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