DOCSLIB.ORG

Facing the Challenges of Brexit Together

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Facing the Challenges of Brexit Together FACING THE CHALLENGES OF BREXIT TOGETHER... [email protected] | +44(0) 2080 049747 | www.nucleus-uk.com Contents About Us ...........................................................................................................................................3 Current Government Guidance ................................................................................................4 The Importance of Incoterms and Understanding Your Responsibilities ................5 Most Frequently Used Incoterms for Road Freight Shipments ...................................6 Commodity Codes ........................................................................................................................7 Anticipated Post-Brexit UK to EU Export Procedures ....................................................8 Exports from UK to EU Flowchart ..........................................................................................9 Anticipated Post-Brexit EU to UK Import Procedures ..................................................10 Imports from EU to UK Flowchart ......................................................................................... 11 Your MUST HAVE Checklist ............................................................................................... 12-13 Goods Exported Under ATA Carnet .....................................................................................14 Customs Freight Simplified Procedures (CFSP) .............................................................. 15 Pre-Lodged Import Customs Entries ...................................................................................16 Additional Items to Consider ��������������������������������������������������������������������������������������������������� 17 Glossary .....................................................................................................................................18-19 Facing The Challenges Of Brexit Together 2 About Us Who are we? Why choose Nucleus? Nucleus International Cargo is a Global Shipping company • Each client is personally • We give clear advice based in the UK providing Freight Forwarding, Supply Chain handled, no help desks or that is aimed specifically Management and Outsourcing solutions to a global client service centres at what you and your portfolio. Nucleus International Cargo proudly offers over 28 business need • Contactable 24/7 - 365 years of experience in every aspect of Global Logistics. days a year • Global Network of Strategic Alliance partners Nucleus International Cargo promises to fully manage • Providing competitive costs every aspect of your Global Shipping and Supply chain all year round. We broker • We outsource all non-core requirements, whilst at all times keeping in mind what it independently and are activity. This means lower considers to be the Vital 3 “C’s” of good cargo management: therefore able to match the running costs for us and COST, COMMUNICATION and CARE. right job to the right service lower bills for you! at the right price Our Services Include: • Import/Export • Personal Effects • Ocean/Air/Road Courier • Warehousing • Global Representation • Order Fulfilment • Quality Control • HMCE Compliance • Customs Formalities • Brexit Ready Facing The Challenges Of Brexit Together 3 Current Government Guidance On 1st January 2021 the transition period with the EU will end and the UK will operate a full, external border. Customs controls will be placed on the movement of goods between Great Britain (GB) and the EU. The UK Government published a Document on Thursday 8th October 2020 titled The Border with the European Union - Importing and Exporting Goods. The full document can be found here: www.gov.uk/government/publications/the-border-operating-model For Brexit information from the EU’s European Commission please find their website here. Facing The Challenges Of Brexit Together 4 The Importance of Incoterms and Understanding Your Responsibilities The use of Incoterms in European Road Transport takes on a far greater significance as from the 1st January 2021. This is one of the most important parts of the process, and we need this information to be able to progress. Intercoms are agreed between buyer FREIGHT COLLECT TERMS FREIGHT PREPAID TERMS and seller and not ANY MODE OR MODES SEA AND INLAND ANY MODE OR MODES GROUPS with your logistics OF TRANSPORT WATERWAY TRANSPORT OF TRANSPORT provider and/ EXW FCA FAS FOB CFR CIF CPT CIP DAP DPU DDP or Customs Carriage & Delivered at INCOTERM® Ex Works Free Carrier Free Alongside Free on Board Cost and Cost Insurance Carriage Paid Delivered at Delivered Duty broker Insurance Paid Place Unloaded (Place) (Place) Ship (Port) (Port) Freight (Port) & Freight (Port) To (Place) Place (Place) Paid (Place) To (Place) (Place) At Buyer’s On Buyer’s Alongside On Board On Board On Board At Named Place At Carrier At Carrier TRANSFER OF RISK Disposal Transport Ship Vessel Vessel Vessel Unloaded OBLIGATIONS & CHARGES Export Packaging Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Loading Charges Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Delivery to Port/Place Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Export Duty, Taxes & Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Seller Customs Clearance Origin Terminal Charges Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Seller Seller Loading on Carriage Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Seller Carriage Charges Buyer Buyer Buyer Buyer Seller Seller Seller Seller Seller Seller Seller Insurance Negotiable Negotiable Negotiable Negotiable Negotiable Seller** Negotiable Seller** Negotiable Negotiable Negotiable Destination Terminal Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Seller Seller Charges Delivery to Destination Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Seller Seller Unloading at Destination Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Buyer Import Duty, Taxes & Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Buyer Seller Customs Clearance *CIF requires at least an insurance with the minimum cover of the Institute Cargo Clause (C) (Number of listed risks, subject to itemised exclusions) **CIP now requires at least an insurance with the minimum cover of the Institute Cargo Clause (A) (All risk, subject to itemised exclusions) Facing The Challenges Of Brexit Together 5 Most Frequently Used Incoterms for Road Freight Shipments For International Road Transport Shipments to and from the EU the most frequently used Incoterms have been: • The Seller/Exporter is selling on an Ex-Works basis and therefore has no EXW involvement in the onward costs. Ex-Works • The Buyer/Importer will need to organise the transport of the goods, payment of any Export Duty, Taxes and Customs clearance. • The Seller/Exporter is selling to the Buyer/Importer on a DAP basis. DAP • The Seller/Exporter will organise the transport of goods to a specified location Delivered and the Export Documentation. At Place • The Buyer/Importer will be responsible for the Import Customs clearance, plus any Import Duty or Taxes including VAT. • The Seller/Exporter is selling to the Buyer/Importer on a DDP basis. DDP • The Seller/Exporter is responsible for all Transport, Customs documentation Delivered and any Duty or Taxes. Duty Paid • Note - the VAT can be zero rated but to take advantage of this you must engage with a Fiscal representative. In our opinion we would suggest DAP will be the most suitable and possibly the simplest option for most clients. Facing The Challenges Of Brexit Together 6 Commodity Codes Prior to shipment, all cargo needs to be classified with the appropriate Customs Commodity Code and this can be incorporated into your commercial invoice. We must have at the minimum the first 8 digits of a 10 digit code for each product on your invoice, as per the example illustrated below. For help classifying your goods, visit: https://www.gov.uk/trade-tariff Alternatively: https://ec.europa.eu/taxation_customs/dds2/taric/taric_consultation.jsp The good news is if you currently trade internationally, you will be completing an Intrastat and will already have commodity codes for your products. Facing The Challenges Of Brexit Together 7 Anticipated Post-Brexit UK to EU Export Procedures From the 1st of January 2021 Following the latest iteration of the Border Operating Model, October 2020 01. A Customs export declaration must be submitted to CHIEF 05. If the Goods Vehicle Movement System (GVMS) is in place (Customs Handling of Import and Export Freight) whilst the from the 1st of January then the MRN from the T-form will be goods are at the trader’s premises (unless the transport uploaded onto the GVMS Platform by the Carrier. operator has a DEP accredited facility). Once the export declaration has been cleared, the goods will be granted P2P 06. An EU Safety and Security declaration into an EU platform (Permission to Progress) and the goods can be loaded to a may be required subject to EU/UK negotiation. vehicle. The trader is defined as the Exporter/Manufacturer or a Logistics provider operating a DEP. 07. Driver reports to Ferry/Train operator who will physically check the T-form or, if GVMS is in place, will be asked for the GVMS 02. Customs Agent or Freight Forwarder or Exporter prepares a MRN to verify the driver has the appropriate Customs T-form and pre-lodges it to the Customs NCTS System. documents and can
Load more

Recommended publications
  • Preventing Deglobalization: an Economic and Security Argument for Free Trade and Investment in ICT Sponsors
    Preventing Deglobalization: An Economic and Security Argument for Free Trade and Investment in ICT Sponsors U.S. CHAMBER OF COMMERCE FOUNDATION U.S. CHAMBER OF COMMERCE CENTER FOR ADVANCED TECHNOLOGY & INNOVATION Contributing Authors The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. Copyright © 2016 by the United States Chamber of Commerce. All rights reserved. No part of this publication may be reproduced or transmitted in any form—print, electronic, or otherwise—without the express written permission of the publisher. Table of Contents Executive Summary ............................................................................................................. 6 Part I: Risks of Balkanizing the ICT Industry Through Law and Regulation ........................................................................................ 11 A. Introduction ................................................................................................. 11 B. China ........................................................................................................... 14 1. Chinese Industrial Policy and the ICT Sector .................................. 14 a) “Informatizing” China’s Economy and Society: Early Efforts ...... 15 b) Bolstering Domestic ICT Capabilities in the 12th Five-Year Period and Beyond ................................................. 16 (1) 12th Five-Year
    [Show full text]
  • Selecting Import Products and Suppliers 409
    Chapter 17 SelectingSelecting Import Import Products andProducts Suppliers and Suppliers TYPES OF PRODUCTS FOR IMPORTATION One of the most important import decisions is the selection of the proper product that serves the market need. In the absence of the latter, one is left with a warehouse full of merchandise with no one interested in buying it. Nevertheless, importing can become a successful and profitable venture so long as sufficient effort and time is invested in selecting the right product for the target market. How does one find the right product to import? The following are differ- ent types of products to consider. Unique Products Products that are unique and different can be appealing to customers be- cause they are a welcome change from the standardized and identical prod- ucts sold in the domestic market. The fact that a product is imported and different is in itself sufficient for many people to purchase the item. However, some studies indicate product uniqueness in terms of cultural appeal to be a relatively less important variable in the purchasing decision of import man- agers (Ghymn, 1983). Less Expensive Products It is quite common to find imports that perform identically to the competi- tor’s product but can be sold at a much lower price. As customers quickly switch allegiance to buy the imported item, it is quite possible to capture a substantial share of the domestic market. Export-Import Theory, Practices, and Procedures, Second Edition 407 408 EXPORT-IMPORT THEORY, PRACTICES, AND PROCEDURES For firms selling in mature markets where there is little or no product dif- ferentiation, cost reduction provides a competitive advantage (Shippen, 1999).
    [Show full text]
  • The Outsourcing Handbook a Guide to Outsourcing
    The Outsourcing Handbook A guide to outsourcing Version 2.0 To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Contents Introduction 4 Provides a brief overview of what outsourcing is, and describes Deloitte’s approaches to Outsourcing Advisory Services (OAS). 1 Phase 1 – Assess 10 The first phase of the process where requirements are defined and which vendors to engage with are reviewed. 2 Phase 2 – Prepare 16 The second phase of the process where initial vendor selection is undertaken and an RFP produced. 3 Phase 3 – Evaluate 22 The third phase of the process where vendor proposals are evaluated and a short-list of vendors for commercial negotiation is selected. 4 Phase 4 – Commit 30 The fourth phase of the process where contracts are negotiated and a deal agreed. 5 Phase 5 – Transition and Transform 38 The fifth phase of the process where the work and resources are transitioned to the successful vendor. 6 Phase 6 – Optimise 44 The final phase of the process covering the steady-state management of the outsourcing arrangement. To start a new section, hold down the apple+shift keys and click to release this object and type the section title in the box below. Foreword Love it or loathe it, outsourcing is now a permanent feature of business life. As companies search for cheaper and more effective ways of working, handing over non-core functions to lower cost specialists can be an alluring prospect. But before you bring in third parties to run parts of your business, it is worth pausing to consider the risks.
    [Show full text]
  • Defining Snowflake in British Post-Brexit and US Post-Election Public Discourse
    Science and Education a New Dimension. Philology, V(39), Issue: 143, 2017 www.seanewdim.com Defining snowflake in British post-Brexit and US post-election public discourse I. O. Alyeksyeyeva Taras Shevchenko National University of Kyiv, Kyiv, Ukraine Corresponding author. E-mail: [email protected] Paper received 20.10.17; Revised 24.10.17; Accepted for publication 25.10.17. Abstract. The paper addresses the meaning that the snowflake lexeme has acquired in public discourse in the post-Brexit UK and the post- election USA. The research of online publications and audience’s comments reveals that snowflake, metaphorical by origin, is used to denote a representative of Generation Y and, consequently, verbalizes an intergenerational divide. This semantic nucleus is coupled with the mean- ing ‘a psychological type that combines such traits as hypersensitivity, intolerance and sense of entitlement’, which invests the lexeme with negative connotations. When used in an argument, the connotative meaning may supplant the denotation, turning snowflake into a pejorative label. Keywords: lexeme, semantics, denotation, connotation, metaphor, snowflake generation. Introduction. Issues of generations and their peculiarities Baby Boom Generation (Prophet) made up of people born are the field of sociology and, for a number of reasons, be- between 1943-1960, Generation X (Nomad) born between came important in the 20th century. To keep the wheel of 1961-1981 and Millennial Generation also called Generation industry turning, manufacturers had to study consumers’ Y (Hero) born between 1982-2004. The youngest generation needs and turn to advertising agencies to promote products in (Generation Z or Post-Millennials) is not yet active partici- an appealing way.
    [Show full text]
  • Service Offshoring and Productivity
    Service Offshoring and Productivity: Evidence from the US∗ Mary Amiti Federal Reserve Bank of New York and CEPR Shang-Jin Wei International Monetary Fund, CEPR and NBER Abstract The practice of sourcing service inputs from overseas suppliers has been growing in response to new technologies that have made it possible to trade in some business and computing services that were previously considered non-tradable. This paper estimates the effects of offshoring on productivity in US manufacturing industries between 1992 and 2000. It finds that service offshoring has a significant positive effect on productivity in the US, accounting for around 10 percent of labor productivity growth during this period. Offshoring material inputs also has a positive effect on productivity, but the magnitude is smaller accounting for approximately 5 percent of productivity growth. Keywords: offshoring, outsourcing, services, productivity JEL Classification: F1 F2 ∗International Research, Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045, email [email protected]; [email protected]. We would like to thank John Romalis, Caroline Freund, Gordon Hanson, Simon Johnson, Jozef Konings, Aart Kraay, Anna Maria Mayda, Christopher Pissarides, Raghu Rajan, Tony Venables, and seminar participants at the IMF, Georgetown University, the US International Trade Commission and the EIIE conference in Lubljana, Slovenia 2005, for helpful comments. We thank Yuanyuan Chen, Jungjin Lee and Evelina Mengova for excellent research assistance. The views expressed in this Working Paper are those of the authors and do not necessarily represent those of Federal Reserve Bank of New York, the Federal Reserve System or the IMF. 1.
    [Show full text]
  • Outsourcing Tariff Evasion: a New Explanation for Entrepot Trade
    NBER WORKING PAPER SERIES OUTSOURCING TARIFF EVASION: A NEW EXPLANATION FOR ENTREPOT TRADE Raymond Fisman Peter Moustakerski Shang-Jin Wei Working Paper 12818 http://www.nber.org/papers/w12818 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2007 * Associate Professor, 823 Uris Hall, Graduate School of Business, Columbia University, New York, NY 10027, phone: (212) 854-9157; fax: (212) 854-9895; email:[email protected]. **Senior Associate, Booz Allen Hamilton, 101 Park Avenue, New York, NY 10178, phone: (212) 551-6798, fax: (212) 551-6732, email: [email protected] *** Assistant Director and Chief of the Trade and Investment Division, Research Department, IMF, 700 19th Street NW, Washington, DC 20431, and Research Associate and Director of the Working Group on the Chinese Economy, National Bureau of Economic Research, phone: 202/797-6023, fax: 202/797-6181, [email protected]. www.nber.org/~wei. We thank Jahangir Aziz, Lee Branstetter, Mihir Desai, Martin Feldstein, Wensheng Peng, John Romalis, and participants at NBER and CEPR conferences and a World Bank-IMF joint seminar for helpful comments and Yuanyuan Chen for able research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by Raymond Fisman, Peter Moustakerski, and Shang-Jin Wei. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Outsourcing Tariff Evasion: A New Explanation for Entrepot Trade Raymond Fisman, Peter Moustakerski, and Shang-Jin Wei NBER Working Paper No.
    [Show full text]
  • Deficiencies and Omissions in the Brexit Agreement the European Union's Shared Responsibility at the Failure of the UK Withdrawal Negotiations 1
    7 / 2019 & Sabine Riedel Deficiencies and Omissions in the Brexit Agreement The European Union's Shared Responsibility at the Failure of the UK Withdrawal Negotiations 1 With the election of Boris Johnson as Chairman of the British Conservatives and his appointment as Prime Minister of the United Kingdom, a narrative has emerged in the German media that discred- its his person and thus severely strains future relations. They call him a "swindler", "monster" and "political seducer" who came to power through anti-European positions and populism. The message behind it tells us that he has nothing serious to offer the European Union, so further negotiations on the Brexit Treaty would be out of the question. The disreputation of political personalities, however, is a rhetorical stylistic device and not an objective analysis of the interests at stake in the back- ground. Could it be that not only British, but also "pro-European" forces benefit from the Brexit? Anyone who pursues this question will quickly find what they are looking for. Their motives and goals should be disclosed and discussed, because only such transparency creates room for a with- drawal agreement that satisfies both sides. Those who oppose this expose the EU member states to conflicts that cannot only escalate violently in Northern Ireland. Europe has had more than enough of this in its recent history. A "hard Brexit" is today understood as a "No-Deal dure. Since then, this scenario has been called Brexit", i.e. an EU withdrawal of the United King- "hard Brexit" (SZ, 23.8.2018). This new interpre- dom (UK) without a treaty.
    [Show full text]
  • Outsourcing Tariff Evasion: a New Explanation for Entrepôt Trade
    WP/05/102 Revised: 6/3/05 Outsourcing Tariff Evasion: A New Explanation for Entrepôt Trade Raymond Fisman, Peter Moustakerski, and Shang-Jin Wei © 2005 International Monetary Fund WP/05/102 Revised: 6/3/05 IMF Working Paper Research Department Outsourcing Tariff Evasion: A New Explanation for Entrepôt Trade Prepared by Raymond Fisman, Peter Moustakerski, and Shang-Jin Wei1 May 2005 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. Traditional explanations for indirect trade carried out through an entrepôt have focused on savings in transport costs and on the role of specialized agents in processing and distribution. We provide an alternative perspective based on the possibility that entrepôts may facilitate tariff evasion. Using data on direct exports to mainland China and indirect exports to it via Hong Kong SAR, we find that the indirect export rate rises with the Chinese tariff rate, even though there is no legal tax advantage to sending goods via Hong Kong SAR. We undertake a number of extensions to rule out plausible alternative hypotheses. JEL Classification Numbers: H2, F1 Keywords: Tax Evasion, Indirect Trade, Corruption Author(s) E-Mail Address: [email protected]; [email protected]; [email protected] 1 The authors would like to thank Jahangir Aziz, John Romalis, Lee Branstetter, and participants in a National Bureau of Economic Research (NBER) conference and a World Bank-IMF joint seminar for helpful comments and Yuanyuan Chen for able research assistance.
    [Show full text]
  • Building on Nature: Area-Based Conservation As a Key Tool for Delivering Sdgs
    Area-based conservation as a key tool for delivering SDGs CITATION For the publication: Kettunen, M., Dudley, N., Gorricho, J., Hickey, V., Krueger, L., MacKinnon, K., Oglethorpe, J., Paxton, M., Robinson, J.G., and Sekhran, N. 2021. Building on Nature: Area-based conservation as a key tool for delivering SDGs. IEEP, IUCN WCPA, The Nature Conservancy, The World Bank, UNDP, Wildlife Conservation Society and WWF. For individual case studies: Case study authors. 2021. Case study name. In: Kettunen, M., Dudley, N., Gorricho, J., Hickey, V., Krueger, L., MacKinnon, K., Oglethorpe, J., Paxton, M., Robinson, J.G., and Sekhran, N. 2021. Building on Nature: Area-based conservation as a key tool for delivering SDGs. IEEP, IUCN WCPA, The Nature Conservancy, The World Bank, UNDP, Wildlife Conservation Society and WWF. CORRESPONDING AUTHORS Nigel Dudley ([email protected]) and Marianne Kettunen ([email protected]) PARTNERS Institute for European Environmental Policy (IEEP) IUCN World Commission on Protected Areas (WCPA) The Nature Conservancy (TNC) The World Bank Group UN Development Programme (UNDP) Wildlife Conservation Society (WCS) WWF DISCLAIMER The information and views set out in this publication are those of the authors and do not necessarily reflect official opinions of the institutions involved. ACKNOWLEDGEMENTS This report and the work underpinning it has benefitted from the support of the following people: Sophia Burke (AmbioTEK CIC), Andrea Egan (UNDP), Marie Fischborn (PANORAMA), Barney Long (Re-Wild), Melanie McField (Healthy Reefs), Mark Mulligan (King’s College, London), Caroline Snow (proofreading), Sue Stolton (Equilibrium Research), Lauren Wenzel (NOAA), and from the many case study authors named individually throughout the publication.
    [Show full text]
  • Customs Compliance Procedures
    Since 2014, Irish Traders are required to provide customs CUSTOMS COMPLIANCE authorities with information, by way of an Electronic Manifest Declaration, of all vessels/aircraft PROCEDURES carrying goods into and out of Ireland, both Community and non- Community. The Union Customs Code is in place from May 2016. Penalties have been introduced in the 2011 Finance Act which focuses attention on the administration responsibilities for correct submission of SAD returns. Failure to make correct declarations also brings closer the possibility of a Customs audit. Authorised Economic Operator (AEO) certifications have achieved substantial take up across Europe. Mutual Recognition has been agreed between AEO and CTPAT in the USA. However Ireland AEO certification is lagging far behind other EU countries. Lack of AEO certification may encounter delays in clearance by Customs. Course Objectives Feedback from This two day course provides the Exporting, Importing and our participants Logistics companies with a has been valuable update to International Trade excellent in Documentation, Customs, VIES 11 Merrion Square - & INTRASTAT Procedures. Dublin 2 - Ireland assisting them with their Target Audience [email protected] This course is a must for Brexit issues. those management and operational personnel needing +353 (1) 676 6894 to become familiar with Austin Rutledge Customs developments. www.export-edge.com CEO / Educational Course Benefit Director Assurance A detailed review of your customs and trade issues will take place with a pre-course
    [Show full text]
  • INCOTERMS® 2020 SUMMARY SHEET Note That Clause a Still Excludes Coverage in a Range of Circumstances, Such As War and Strikes
    INCOTERMS® 2020 SUMMARY SHEET Note that Clause A still excludes coverage in a range of circumstances, such as war and strikes. Further, all cargo insurance generally excludes coverage for consequential loss (flow-on effects such as loss of profit or loss of opportunity as a result of lost or damaged goods, for example). Is it worth increasing costs with higher premiums for wider coverage? Or is better to expose your cargo to further risk at a more affordable premium? Consider which cargo insurance policy is more appropriate for your business goals. INCLUSION OF SECURITY REQUIREMENTS Incoterms® 2020 makes security obligations more prominent. Screening of containers in certain circumstances is now compulsory. New provisions in Incoterms® 2020 distribute security responsibilities between vendor and purchaser, so it is critical to review where each party is responsible and what measures must be introduced. MOVEMENT OF GOODS BY OWN TRANSPORTATION Incoterms® 2020 now enable that parties to use their own transport for carrying goods, rather than outsourcing transport to a third-party carrier (which had been assumed in Incoterms® 2010). The FCA, DAP, DPU and DDP have been updated to reflect this clarification. CHANGING THE WORDING OF THE INCOTERMS DOCUMENT Incoterms® 2020 have been reworded to make it more relevant and more easily understood. Now there are explanatory notes outlining the fundamental nature of each of the Incoterms®. Costs are better presented, creating an easy list of costs all in one place. FINAL CONSIDERATIONS It’s really important that both importers and exporters pay close attention their contract of sale. The Incoterm used needs to align with all the other terms used in the contract which deal with things like transportation and finance.
    [Show full text]
  • The Benefits and Costs of Outsourcing Jobs
    The Park Place Economist Volume 12 Issue 1 Article 10 March 2008 Opinion: The Benefits and Costs of Outsourcing Jobs George Coontz '04 Illinois Wesleyan University Follow this and additional works at: https://digitalcommons.iwu.edu/parkplace Recommended Citation Coontz '04, George (2004) "Opinion: The Benefits and Costs of Outsourcing Jobs," The Park Place Economist: Vol. 12 Available at: https://digitalcommons.iwu.edu/parkplace/vol12/iss1/10 This Article is protected by copyright and/or related rights. It has been brought to you by Digital Commons @ IWU with permission from the rights-holder(s). You are free to use this material in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This material has been accepted for inclusion by faculty at Illinois Wesleyan University. For more information, please contact [email protected]. ©Copyright is owned by the author of this document. Opinion: The Benefits and Costs of Outsourcing Jobs This article is available in The Park Place Economist: https://digitalcommons.iwu.edu/parkplace/vol12/iss1/10 Opinion: The Benefits and Costs of Outsourcing Jobs George Coontz With today’s consumer stretching the dollar try, then this country possesses the comparative ad- further and further, tremendous competitive pres- vantage. This country should elect to produce this sure has been put on U.S. companies trying to com- good or service, while the other country should pro- pete with foreign companies.
    [Show full text]