The Latin Business Association,
in conjunction with LBA Member and Community Partner
proudly promotes Port of LA
Thursday, May 14, 2015
1:30 to 5:00 p.m.
LA Law Library
301 W. 1st Street
Los Angeles, CA 90012
Grow Your Business Through Exports!
Attend Incoterms Workshop, and learn about:
- Accepted Definitions
- Rules of Interpretation for Most Common Commercial Terms
Session 6 – INCOTERMS
Selling your product overseas? The potential buyer writes, “Price $5.00 per unit CFR OSAKA, INCOTERMS 2010.” What does that mean? You don’t know, but you want to sell and you agree to the terms. You ship, but before you bring your documents to the bank to get paid you hear that the vessel has hit the rocks outside Los Angeles harbor and has sunk. Whose risk is it, buyer or seller? Will you get paid?
Guess it’s time to learn what the Incoterms mean.
The Port of Los Angeles will provide a complimentary copy of the book INCOTERMS 2010 by the International Chamber of Commerce, a $70.00+ value.
Oncoterms Course Instructor Michael Baker, Esq.
Michael Baker has been practicing law in California since 1975 and has specialized in international trade law, international finance, and Customs law. He has had federal licenses as a United States Customhouse Broker and Foreign Freight Forwarder. He works with clients in China and Latin America establishing manufacturing facilities, liaisons and working business plans for companies.
He teaches various classes on trade at the UCLA, the Graduate School of Business at CETYS University in Mexico and lectures at the Center of for International Trade Development (CITD) at Long Beach and the Port of Los Angeles Trade Connect programs.
Michael Baker is a member of the LA County Bar Association.
$25 per session (registration reserves seat).
Seats are limited so register early. Note your registration fee covers parking if you register a day in advance of the workshop.Light refreshments provided.
The Incoterms rules or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC). They are widely used in International commercial transactions or procurement processes. A series of three-letter trade terms related to common contractual sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs, and risks associated with the transportation and delivery of goods.
The Incoterms rules are accepted by governments, legal authorities, and practitioners worldwide for the interpretation of most commonly used terms in international trade. They are intended to reduce or remove altogether uncertainties arising from different interpretation of the rules in different countries. As such they are regularly incorporated into sales contracts worldwide.
First published in 1936, the Incoterms rules have been periodically updated, with the eighth version— Incoterms® 2010 ’—having been published on January 1, 2011. “Incoterms” is a registered trademark of the ICC.
What You Will Always Need to Know About Incoterms
Incoterms are updated every ten years, so it is important to refer to the most recent version. However, there are some basic points about Incoterms that do not change. They are:
- Incoterms were established as a standard set of rules for determing a seller’s delivery obligations, they are not laws.
- Incoterms have the force of law, however, when they are referenced in a valid and binding slaes contract.
- As part of a binding contract, any questions on the seller’s delivery obligations are answered pursuant to the Incoterms.
Source: Module 2- Incoterms 2010: Understanding and Application
Dan Gardner- Trade Facilitators, Inc.