Fundamentals of Incoterms
Learn about the importance of Incoterms in the procurement process and gain an understanding of the roles of buyers.
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This course begins with an overview of Incoterms. The word Incoterms is derived from International Commercial Terms, a series of three-letter terms related to common sales practices published by the International Chamber of Commerce (ICC). It is a set of rules that describes the responsibilities of both sellers and buyers for the delivery of goods that are under sales contracts. They are published by the International Chamber of Commerce (ICC) and are widely used in commercial transactions.
You will then learn the importance of Incoterms for buyers and sellers. This course will discuss the importance of trading goods and teach you the responsibilities of traders. You will learn that Incoterms helps in reducing misunderstandings among buyers and sellers thereby minimizing trade disputes and litigation. You will also learn how to select the best terms for the delivery, manage costs, and handle risks. In addition, you will look into the 11 Incoterms.
The main aim of Incoterms is to define the tasks, costs, and risks associated with the transportation and delivery of products and goods. Upon the completion of this course, you will gain a better understanding of its definition and classifications, the details of the 11 Incoterms, the role of buyers, and much more! Sign up of this course today and learn more about Incoterms and its use in the procurement process.
Learning outcomes: - List and define Incoterms; - Describe the classification of Incoterms; - Explain the use of Incoterms in the procurement process.
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