C1.1—Overview of Incoterms with 2020 Changes
Subscriber price: $37.00, Non-subscriber price: $48.00
Estimated total study time: 2 hours 54 minutes
This is a short course to introduce the role and importance of trade terms (Incoterms) to specify respective seller and buyer responsibilities in an export-import transaction. This course also highlights key changes in Incoterms 2020 for those already aware of Incoterms.
Important: This is not "nuts and bolts" training for those (sellers or buyers) who will be negotiating international transactions, nor for service providers such as international forwarders and customs brokers, who must interpret and act on trade terms for specific transactions and/or advise others. We recommend GISTnet courses C1 or C1.3 for more in depth training in Incoterms.
Summary of Incoterms
The purpose of Incoterms with a general explanation and key limitations, and Incoterms Groups.
(Estimated study time: 57 minutes)
- "Trade Terms"
- Delivery and Passage of Risk vs. Passage of Title
- Summary—Key Trade Terms Issues
- Summary of Incoterms
- Direct Reference to Incoterms Publication
- "E" Term (EXW)
- "F" Terms
- "C" (Cost Paid to) Terms
- "D" (Delivered) Terms
- Summary Chart of Respective Responsibilities Under Each Trade Term
Seller and Buyer Responsibilities Under All Incoterms; Delivery & Passage of Risk
(Estimated study time: 1 hour 22 minutes)
- Seller and Buyer Responsibilities Common to All Incoterms
- Seller's Responsibilities under All Incoterms
- Buyer's Responsibilities under All Terms
- Delivery & Passage of Risk
- General—Passage of Risk Coincides with Seller's Delivery of Goods
- Required Notices Between the Parties
- Passage of Risk If Buyer Fails to Take or Accept Delivery
Changes under Incoterms 2010
(Estimated study time: 16 minutes)
- Changes Made in INCOTERMS 2020