Dubai Chamber seminar trains traders on how to apply the rules correctly to their global sales transactions
Dubai, UAE: To update its stakeholders with the international commercial terms operative under the Incoterms 2010 guidelines published by the International Chamber of Commerce, the Dubai Chamber of Commerce and Industry organised a seminar for company representatives dealing in global trade, at the Chamber premises on Thursday.
The seminar, conducted by Vincent O'Brien, who represents the ICC Banking Commission, provided a comprehensive review of the new Incoterms 2010 rules and took a detailed technical look at proven methods of generating discrepancy transport document for presentation under Documentary Letters of Credit based on UCP 600 rules and international standard banking practices.
Jehad Kazim, Director, Dubai Chamber Legal Services Department, informed that the seminar came in line with the Chamber's endeavour to provide a competitive edge to its members by updating them with the relevant changes to the Incoterms 2010 rules and their application in global trade.
The seminar offered a unique opportunity for trade professionals to learn the fundamentals of the new rules which came into effect as of the beginning of the year and are internationally recognised terms reflecting business practice in the allocation of tasks, costs and risks in global sales contracts, said Ms Kazim.
She further stressed that Dubai Chamber constantly works towards creating a favourable business environment for which the Legal Services Department regularly organises trainings and workshops to promote awareness of new developments in global trade, thereby reducing the risk of legal complications.
Added Vincent O'Brien, "With the first anniversary of the new Incoterms coming up fast it is now an ideal time to examine in detail the benefits brought about by the new rules. This seminar is also timely as with the reported increases in discrepancies in documents presented to banks it is now important to revisit the UCP rules to avoid pitfalls and resultant delays in payment."
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 and 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
