Trains participants in the technicalities of tasks, costs and risks in everyday global sales transactions
Dubai, UAE: Soon after the publication of the latest version of the Incoterms 2010 or International Commercial Terms by the International Chamber of Commerce (ICC), the Dubai Chamber of Commerce and Industry organized a seminar on Incoterms operational rules for company representatives dealing in global trade, at the Chamber premises on Sunday.
With its aim of keeping the Chamber's stakeholders updated with the Incoterms rules which are internationally recognized standardized terms reflecting business practice in the allocation of tasks, costs and risks in global sales contracts, the seminar was conducted by Vincent O'Brien, a member of the ICC Banking Commission and a well-known figure in trade finance circles in the UAE.
Jehad Kazim, Director, Dubai Chamber Legal Services Department, informed that the ICC has published the latest version of Incoterms 2010 which came into effect at the beginning of the year and the rules are meant to facilitate the conduct of global trade by providing clear definitions of the parties' respective obligations, thereby reducing the risk of legal complications.
She further stressed that the seminar facilitated representatives of a cross-section of Dubai companies to understand and learn to apply the set of rules correctly to their everyday global sales transactions. It also guided the participants through comprehensive changes to the new Incoterm rules that were reduced from 13 to 11; the distinction between rules for maritime modes of transport and rules for all modes of transport including sea and inland waterway as well as the impact of local law on the international practice, she said.
Jehad stated that the seminar came in line with the Chamber's strategic objective of creating a favourable business environment for which the Legal Services Department regularly organizes trainings and workshops which ultimately serve the business community in boosting their competitiveness while also enhancing the overall economic growth of Dubai.
The International Chamber of Commerce has created and maintains the Incoterms operational rules to help international traders learn how to apply the rules correctly to their global sales transactions and matters relating to rights and obligations of the parties to the contract of sale and delivery of goods sold.
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Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favorable business environment, supporting the development of business, and by promoting Dubai as an international business hub.
© Press Release 2011
