INCOTERMS 2020: What Changes are being Made, Why You Should Care and What Every Exporter Must Know

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New INCOTERMS rules were implemented on January 1, 2020.  This webinar will review all of the important changes from INCOTERMS 2010. There are still 11 INCOTERMS: seven under the heading of Any Mode of Transport and four under the heading of Sea and Inland Waterway. There is only one change to the prior 11 terms; DAT is no longer being used.  It is being replaced by the term DPU, which will be explained in the webinar.

 Most of the key changes in the new INCOTERMS involve clarification of what each INCOTERM means and the importance of incorporating the terms consistently in all contracts that may be involved in a transaction.  Specific changes are being made to the FCA term which should improve its use by exporters.  The new INCOTERMS are designed to help users select the most appropriate term for their transactions.

About the Speaker

Richard “Chip” Thomas, General Manager, American Export Training Institute, West Chester, PA

Mr. Thomas’ interest in international affairs and cultures began in high school where he had the opportunity to finish his junior and senior years at a private school in Zimbabwe, Africa.  He finished his B.A. from So. Illinois University in 1969, majoring in economics and history, and completed a master’s degree in 1975 from the Thunderbird Graduate School of International Management.  After his undergraduate degree, Mr. Thomas spent two and a half years working in Colombia, S.A. with the Peace Corps, followed by another two years in Colombia with the U.S. Information Agency (USIA).

Upon returning to the U.S. and completing his graduate studies, Mr. Thomas entered a 22-year career in international banking, specializing in international trade and finance.  This work led to extensive international travel, with a 2-year assignment working and living in Mexico.

During his banking career, Mr. Thomas developed a skill in training and was responsible for International Product and Service Training for Mellon Bank’s customers and employees.  Mr. Thomas left banking in early 1995 to pursue his interest in training by helping to establish the American Export Training Institute (AETI), which provides practical training in export finance to corporations and financial institutions throughout the U.S. and Canada.  Mr. Thomas is co-author of the Trade Finance Handbook, Thomson, 2005.  The book is targeted to small and mid-size companies (SMEs) interested in how to effectively enter the international trade arena.

Mr. Thomas speaks fluent Spanish.