The official launch of the new Incoterms 2010, the registered trademark of the International Chamber of Commerce will hold in Nigeria this week

The Seminar is hosted by the International Chamber of Commerce Nigeria, (ICC Nigeria) in collaboration with the Nigerian Shippers” Council (NSC) and the Central Bank of Nigeria (CBN). Chief Kola Jamodu,OFR President, Manufacturers Association of Nigeria (MAN) is expected as the Special Guest of Honour to formally launch the new Incoterms 2010.

The Incoterms is an abbreviation of International Commercial Terms and it help to facilitate the conduct of International trade by providing rules for interpreting the rights and obligations of buyers and sellers under international sales contracts regardless of differences in language and local business practices.

The first Incoterms were created in 1938 by the International Chamber of Commerce, in Paris and due to changes in practice of international trade, ICC updates and amends the Incoterms whenever it is deemed necessary. Amendments and other modifications were carried out in 1953, 1967, 1976, 1980, 1990, 2000 and now we have Incoterms 2010.

Internationally, the revised Incoterms 2010 will enter into force on January 1, 2010. The Incoterms Seminar will be facilitated by renowned, certified, highly experienced International and local experts.

This event will offer the needed opportunity for key stakeholders like authorized dealers, international operations and trade exchange executives, bankers, lawyers, audit and risk management officials as the rules which had been compressed to 11 from 13, applying to billions of dollars of business transactions will come into effect. This is a major step in helping international trade professionals ensure legal certainty and save both time and money.

The Incoterms rules are used worldwide in international and domestic contracts for the sale of goods. They are recognized by the United Nations Commission on International Trade Law (UNCITRAL) as the global standard for the interpretation of the most common terms in foreign trade.