Incoterms 2020 Needs Your Voice

[vc_row][vc_column][vc_single_image image=”12393″ img_size=”large” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column width=”1/4″][vc_single_image image=”12235″ add_caption=”yes” alignment=”right”][/vc_column][vc_column width=”3/4″][vc_column_text]Why Incoterms Are Critical and How You Can Participate in the Once-a-decade Update–Interview with UTC’s Marco Poisler who will be leading the Incoterms panel at Breakbulk Americas 2017. Wednesday, Oct. 18 from 3:00 pm – 3:50 pm in the Conference Suite Incoterms Rules 2020 – How Can […]

[vc_row][vc_column][vc_single_image image=”12393″ img_size=”large” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column width=”1/4″][vc_single_image image=”12235″ add_caption=”yes” alignment=”right”][/vc_column][vc_column width=”3/4″][vc_column_text]Why Incoterms Are Critical and How You Can Participate in the Once-a-decade Update–Interview with UTC’s Marco Poisler who will be leading the Incoterms panel at Breakbulk Americas 2017.

Wednesday, Oct. 18 from 3:00 pm – 3:50 pm in the Conference Suite
Incoterms Rules 2020 – How Can We Improve Them for Project Cargo Shippers?
Moderator: Marco Poisler, Exec VP, UTC Overseas
Amber Knipe, Sr. Global Customs Brokerage Mgr., Halliburton
Frank Reynolds, President, International Projects Inc.
Frank Schroder, Global Logistics Manager, CB&I Fabrication Services

Incoterms go back to 1923 when there was a review of common trade terms were discussed and the terms were first published in 1926. There were only six at the time and today we have 11. It’s interesting to watch the revisions because we witness globalization and the history of transportation.

For example, in the 1950s FOR, which stands for free on rail, became an Incoterm because of the increase in rail transportation. In 1968 the International Chamber of Commerce (ICC), located in Paris, made a big push to have Incoterms used because there were competing trade definitions. In the United States we have the Uniform Commercial Code that covers domestic trade. In the 1970s we saw air freight (FOB Airport) included as well. In 1980, we tried to get our arms around containerization. For project cargo, Incoterms are very important because they define the delivery terms of who is paying for what. Part of a good contract is to be very clear about who’s paying for what and who’s responsible for what.

In our industry, Incoterms is one of those areas where we’ve got a lot of strong characters with “fingertip intelligence.” Incoterms is very much a legal issue and it’s an area where fingertip intelligence is hitting the courts. Nothing against lawyers, but this is something we live and we live with the consequences.

IncoTerms 2020, the topic we will be covering in our Breakbulk session, refers to the updates being made to current Incoterms by the ICC, a process that happens every 10 years. If we look at how these changes are made to Incoterms, we see an amazing global effort. The ICC is getting feedback from around the world. With globalization, countries like China, countries in Europe, the United States and South America—huge trading centers—are submitting important issues for consideration.

It is critical that our industry participates in this process and attend our panel discussion at Breakbulk Americas. Frank Reynolds, who will be on our panel, is a legend in this area. He has written a book, “Incoterms for Americans.”

CB&I’s Frank Schroder is also very knowledgeable about this subject and living it every day as an EPC. Amber Knipe from Halliburton is another important panelist, offering the services perspective. Especially in this market with oil prices being what they are and every line item counting, the proper use of Incoterms—who’s paying for what—is important in every company.

We still have time to give our recommendations to Frank Reynolds to take to Paris. Join Poisler and his panel on Wednesday, Oct. 18 at 3:00 pm to contribute to this critical process that affects us all.[/vc_column_text][vc_column_text]Photo from Lockwood Brothers, Water, Water, Everywhere Photo & Video Contest.[/vc_column_text][/vc_column][/vc_row]