Course Description:

International rules for the interpretation of terms used in foreign trade contracts, recognized by businesses worldwide. (E.g., INCOTERMS include such items as FAS, CIF, C&F, FOB, etc.) The Incoterms are a set of 13 delivery terms developed by the International Chamber of Commerce for use in international shipping. There have been several versions of the Incoterms, designated by year; e.g., Incoterms 90, Incoterms 2000. Although some of the terms are similar to those used in UCC Article 2, their definitions are completely different. They are widely used in international transactions, and all supply professionals are advised to become familiar with them because their use is gradually extending to domestic shipping

Course Goal:

1. To develop better understanding of Incoterms 2000, which are used in countless commercial transactions every day.
2. In the meantime, the course will review the continuing developments in the international transport, and its impact on the latest modifications to the 1990 edition of Incoterms.
3. The course will review the relation between the Incoterms and the contract of sale.

Course Objectives:

By the end of the course, participants will be able to:

1. Demonstrate review of Incoterms
2. Have an overall look on the shipping market
3. Have an overall look on the energy outlook
4. Be familiar with the current developments in shipping industry
5. Be familiar with the insurance industry
6. Determine the main components of the four groups of Incoterms
7. Understand the documentary credits
8. Understand the Incoterms and contracting practices

Course Outline:

• Introduction in Insurance

1. Roots of Insurance
2. Meaning of Insurance
3. Life Assurance
4. Why Insurance?
5. The concept of Risk
6. Risk Reduction through Pooling
7. The concept of Insurance
8. The Insurance Business
9. The Insurance as a Social Security Tool
10. Role of Insurance in Economic Development

• Letter of Credit

1. Kinds of L/Cs
2. Details of L/Cs
3. Shipping documents
4. Margin
5. Records
6. Notes to be considered

• Incoterms

1. Historical review of Incoterms
2. An overall look on the shipping market
3. The current developments in shipping industry
4. The main components of the four groups of Incoterms
5. Understanding the documentary credits
6. The Incoterms and the seller’s and the buyer’s obligations

Who Can Benefit?

1. Contracts, Purchasing, and Procurement personnel
2. Project, Engineering, Operational, and Maintenance, personnel who are involved in the planning, evaluation, preparation, execution, and administration of tenders
3. All involved in the acquisition of materials, equipment, and services and who are in organizations whose leadership