News

Thu, 30 Dec 2010

Press coverage

The Hull Daily Mail has reported on our recent Incoterms 2011 presentation:

Business leaders gathered in Hull to hear about some of the most significant alterations to international trade rules for more than ten years. John Habergham, director of Myton Law, spoke to delegates at the Hull & Humber Chamber of Commerce's World Trade @ 1 event last week about revisions to the International Chamber of Commerce's (ICC) Incoterms rules, which govern global trade. The changes, which took effect from January 1, will affect all businesses in the region involved in international trade. Speaking at the Deep Business Centre, Mr Habergham described what the new Incoterms®2010 would consist of and warned business to be ready. He said: "Businesses cannot assume 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." The alterations have been drawn up in response to changes in international trade and are also designed to take account of the heightened security concerns since the September 11 attacks ten years ago. Mr Habergham said: "It's 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." Mr Habergham explained the changes to representatives from businesses both sides of the Humber including Arco, Associated British Ports (ABP) and The Insurance Partnership. As well as explaining the revised delivery rules, which have been consolidated and updated to make them more user friendly, he pointed out there was now an obligation on the buyer and seller to provide information required for the import or transportation of the goods to pass the mandatory checks introduced in many countries due to greater security concerns. He added: "Most people are a bit lax about these things and tend to get into difficulties over who is actually responsible for goods which have been lost or damaged at certain stages of their journey. "Under these rules if you are a seller you can divest yourself of responsibility once the goods are on the ship." He added that businesses should not be wholly reliant on compliance with the Incoterms®2010 for their trade agreements. He said: "The underlying reason behind the Incoterms was to allocate obligations, costs and risks. "But the Incoterms do leave some things uncovered. "Companies need to make sure they have their own trade contracts which look at any of the issues not covered."