90% of companies use wrong commercial terms

Monday, 25 August 2025 02:24 - - {{hitsCtrl.values.hits}}

Shippers’ Academy Colombo to conduct Incoterms masterclass

Shippers’ Academy Colombo CEO Rohan Masakorala

Global trade is governed by multiple rules and regulations. Among them are critical rules for buyers and sellers and their service providers to carry cargo from one place to another. In doing so, there are costs, risks and liabilities that can have serious impact on sustaining businesses in a competitive manner. Most studies reveal shippers do not understand the critical consequences when not using proper internal commercial terms, known as Incoterms. As a result, disputes running into millions of dollars are reported around the world annually. In Sri Lanka too, 90% of traders and their service providers do not adhere to proper commercial terms and end up paying higher freight costs, insurance costs duties and surcharges because of agreeing into unprofessional commercial contracts.

The Shippers’ Academy Colombo will be conducting a masterclass to give the basic concepts of international commercial terms to train the trade in best practices when establishing high value sales contracts. Training will be conducted by Shippers’ Academy Colombo CEO Rohan Masakorala, who is an authorised trainer and a drafting committee member of Incoterms (2010-2015), International Chamber of Commerce (ICC), Paris.

Interested parties can contact the Shippers’ Academy Colombo on 077-3820703 or through email: [email protected]; Web: www.shippersacademy.lk.