Shippers’ Academy workshop on commercial terminology | Sunday Observer

Shippers’ Academy workshop on commercial terminology

The new edition of the international commercial terms (known as Incoterms), which will be effective from January 1, 2020 has been released.

The International Chamber of Commerce reviews these terms every 10 years, and the 2020 edition has made some changes in terms of certain Incoterms and the guiding notes. The Shippers’ Academy Colombo, which conducts continuous training on Incoterms will organise the first such program in Sri Lanka on October 3 as a half-a-day workshop.

This workshop will give insight into the changes in the 2020 edition and also will provide the basic criteria of how Incoterms work and will explain more in detail, terms that are relevant and mostly used in Sri Lanka when shipments are done through ocean and air.

The presentation will be conducted by CEO, Shippers’ Academy Colombo, Rohan Masakorala.

The workshop is targeted at exporters, importers, bankers, freight forwarders, logistics services providers and international trade practitioners.

These commercial terms are extremely important for international trade when compiling cross border sales contracts.

The Incoterms have significant implications on costs, liability and risks and how they are structured at various stages when transportation happens between origin and delivery.

If these terms are not understood and used properly, in the event of a dispute, exporters, importers, traders as well as service providers will have to meet consequences that can be very expensive and lead into serious business repercussions.