ICC Nigeria Incoterms 2010

Seminar held on 2 December 2010

eBSI and ICC Nigeria held a major Incoterms 2010 Seminar in Lagos, Nigeria on 2 December 2010.

The advent and continuing challenges of the financial and economic crisis have seen a dramatic increase in defaults and commercial disputes between trading partners in different countries.    It is often the case that the excuse for non payment relates to a claim that the seller has not performed under the contract of sale.

Incoterms ® are a term of the contract of sale between the seller and the buyer.  The chosen term will impact directly on the obligation of the party to the contract of sale.  These important commercial terms have evolved as terms used in the international contract of sale but usage as terms for domestic contracts are increasing given the need for greater transparency in trade related business.

After their first introduction in 1936 the first revision occurred  in 1957 and thereafter in 1967,1974, 1980, 1990 and 2000.  The latest version 2010 Incoterms®  will become effective globally on 1 January 2011.

Are you ready?

This workshop was delivered by a long standing member of the ICC Banking Commission, Mr. Vincent O'Brien.

As part of this event a graduation was held for the latest batch of graduates of the IFC FIT Program where a further 45 Nigerian Bankers were awarded the prestigious Finance of International Trade Certificate from the Institute of Export and the ICC Mentor 600 certificate of completion in UCP 600 from ICC Paris.

Contact Bunme Funke at ICC Nigeria This e-mail address is being protected from spambots. You need JavaScript enabled to view it   for further information about the next intake of the IFC FIT Program in Nigeria which will take place on week starting 28 February 2010.