For the past 84 years, Incoterms® has been the cornerstone of global commercial trade, for robust trade negotiations directly or indirectly between parties and the rules have become the standard in international business rules.. BUT, THERE IS A BIG PROBLEM..
As per Emily O’Connor, Director of Trade and Investment for the International Chamber of Commerce (ICC), “people will frequently choose the wrong Incoterms® rule for their transaction”..
O’Connor has emphasised the importance for anyone who uses the Incoterms® rules to learn or re-learn them – even if you consider yourself an expert – in order to avoid costly mistakes in the process of shipping their goods..
There are several consequences of using the incorrect Incoterms® and users need to fully comprehend what it means when they put a three-letter Incoterms® rule into their sales contract..
But no worries, credible and reliable guidance is at hand for you now..
COVID-19 is probably the world’s most disliked word currently due to the rampant economic disruption it has wreaked on the world. All countries and all businesses around the world have been affected by this pandemic.
The supply chain industry is one industry that has also been affected severely. The industry has seen a massive drop in volumes, congestion both on land and at sea, job losses etc, although ironically this is one of the industries that has and is helping to fight this pandemic through its movement of essential goods like medical supplies, food and PPE.
At the end of March 2020, we set up a short survey sponsored by Ocean Insights to analyse the impact of the pandemic on the industry and its preparedness.
12,000 clicks of that survey and the analysis and a 95% engagement rate told us that in times of strife, people want to come together, understand what is going on and help each other out of this situation.
So, we got together a team of executives to discuss these issues in a webinar moderated by an equally celebrated and astute industry journalist.