CACCI holds webinar on “Incoterms® 2020 – Newly Revised ICC Rules for international trade terms”

CACCI organized a one-day webinar on October 6, 2021 on Incoterms 2020, the ICC flagship rulebook which defines the obligations and responsibilities of contract parties in relation to delivery of goods.

ICC Registered Trainer and well-known international trade finance expert Mr. Pavel Andrle, conducted the full-day webinar. A total of 67 registered participants plus other interested persons from Mongolia, Iran, Vietnam and Philippines closely followed the presentation, which focused on the role of Incoterms in sale and other relevant contracts, new changes to Incoterms 2020 from the previous Incoterms 2010, and the practical aspects of using each of the 11 trade (delivery) terms of Incoterms 2020.

Mr. Andrle explained the risks related to each delivery term in depth, both from the seller´s and buyer´s perspective. Many participants were from banks, trade finance and customer service departments.

The Participants appreciated the practical advice given by Mr. Andrle, who is a trade finance practitioner himself, regarding the documents to evidence the seller´s fulfilment of its contractual obligations, related to the delivery of goods. Such knowledge is necessary to properly link the delivery terms to the payment terms, especially when the documentary credit or documentary collection is chosen by the contract parties as the payment method.

Through this webinar, the participants – mainly exporters, importers, traders, specialists in logistics, cargo insurance, bankers and many other interested business people – learned how to keep themselves and their customers safe by being informed on solutions to specific needs, and therefore being protected against technical risks and ambiguities which frequently arise when using Incoterms in daily practice.