The Importance of INCOTERMS 2000

INCOTERMS, which are issued by the International Chamber of Commerce (ICC), are the most commonly used trade terms in international sales contracts. They are shorthand definitions of the respective rights and responsibilities of sellers and buyers in their sales contracts. Although the ICC is not a government, the INCOTERMS are recognized globally by courts, governments, banks, and other authorities and are used by most companies throughout the world which are successfully engaged in exporting and importing. 

Some of these 13 terms are well known (such as FOB, CIF, FAS, EXW, and DDP), but many exporters and importers do not fully understand their meaning and importance. The INCOTERMS were revised and updated for incorporation into international sales contracts starting on January 1, 2000. 

A solid grasp of the principal INCOTERMS will save you time, money, and frustration. They are essential in determining: (1) which party (the buyer or seller) assumes the risk of loss at any given point during the transaction; (2) which party pays for the various costs associated with delivery; (3) the point of obligation of the buyer to pay; and (4) the dutiable value under U.S. law and the customs laws of most foreign countries.

What Comes Next?

If you like what you hear at the February 16 luncheon seminar, then you can learn more about the exciting (and very profitable) export-import process by taking the next step and signing up for a package of three 41/2-hour afternoon-evening seminars to be held at the World Trade Center and conducted by the Louisiana International Trade Center on March 5, 7, and 12. Here you will learn step-by-step the "how-to" of international market research, preparing products for export & import, pricing strategies, quotations, export & import documentation, export shipping & import entry procedures, trade financing, and -- the bottom line -- methods of payment.

Sponsoring Organizations

Louisiana Department of Economic Development
Louisiana District Export Council
Louisiana International Trade Center/SBDC
New Orleans U.S. Export Assistance Center
World Trade Center of New Orleans

Advance registration required by February 15, 10:00 a.m. 
Registration Fee: $25 for members of the sponsoring organizations and $30 for non-members. If you are a WTC member, the registration fee can be charged to your account number noted on the registration form.