News

Fri, 19 Nov 2010

Myton Law Presentation on New Incoterms

John Habergham of Myton Law will give a presentation on the new Incoterms in conjunction with the Hull & Humber Chamber of Commerce at 1pm on Wednesday 1 December 2010, at Arc on Blanket Row, Queen Street in Hull. For further details or to book a place at this event please contact Lorraine Holt, International Trade Coordinator, Hull & Humber Chamber of Commerce, on tel: 01482 324976.

The press release for the event is below.

INTERNATIONAL TRADE RULES WILL CHANGE ON JANUARY 1 – SHIPPING LAW FIRM WARNS BUSINESSES TO BE READY

The most significant changes in international trade rules for more than ten years come into effect on January 1, 2011, with implications for all businesses in the region which conduct international trade, warns Myton Law.

The International Chamber of Commerce is introducing revised rules, called Incoterms 2010, to reflect changes such as the increased prevalence of container traffic and use of electronic communication. To benefit from the revised rules, firms must bring their sales and purchase documentation up to date says Myton Law, the Hull-based shipping, transport, insurance and international trade law specialist.

John Habergham of Myton Law points to key areas of change in the international trade rules, including new definitions of ‘point of delivery’, acceptance of electronic documents, insurance requirements and terminal handling charges.

In light of these days of heightened security, the new rules also contain new obligations on businesses regarding security.

It is important that businesses act now says John Habergham. “Businesses cannot assume that they will be able to rely on these revised trade rules. Incoterms 2010 will not automatically apply to their business transactions unless the terms have been specifically incorporated into their sales or purchase contracts,” he said.

“It is an important time for all businesses involved in international trade to review their contracts in light of Incoterms 2010 and worth also taking this as an opportunity to tighten up aspects of their contracts not covered by the rules. For maximum protection businesses should also make clear their terms relating to issues such as quality, price, payment, title to goods and their chosen law & jurisdiction should any disputes arise.”