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Fundamentals of Incoterms

Learn about the importance of Incoterms in the procurement process and gain an understanding of the roles of buyers.

Business
Free Course
This free online Incoterms course by the Procurement Academy, an institute dedicated to training procurement professionals, will introduce you to the fundamentals of Incoterms. You will get an overview of what it is about and learn about its objectives. You will study its definitions and classification, and its usefulness to procurement professionals. You will also learn about the role of the buyer during the supplier selection process, and more.

Description

Modules

Outcome

Certification

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Description

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. 

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