As part of its Export University series, the San Diego CITD hosted a workshop titled, “Understanding INCOTERMS” on May 21st at Southwestern College’s Higher Education Center at National City. INCOTERMS are a series of commercial terms that define responsibilities and obligations of the parties involved in international sales contracts. In this session, participants learned how to interpret the 11 INCOTERMS and how to use them in international trade.
The workshop began with welcome remarks by San Diego CITD Director, Victor Castillo, who also provided an overview of the various programs and services available through the CITD to help businesses with expanding globally. Mr. Castillo then introduced Michael A. Baker, an attorney specializing in international trade and customs law, who presented on the workshop topic. During his presentation, Mr. Baker—who also teaches international business courses at UCLA—provided valuable information and examples on the importance of selecting the right INCOTERM. The goal of the workshop was to assist business owners with understanding the potential risks, legal issues, and impacts on payment that INCOTERMS can have on international transactions.
The Export University series of workshops is geared toward helping companies optimize their export potential and grow globally. The next workshop in the series, “Finding and Managing Distributors Globally“, will be held on June 20th, 2018 and will cover how to find qualified foreign buyers and get the most out of international distributors and resellers.