The business community, especially bankers and exporters, must get updated on the revised rules for shipments to avoid misunderstanding in the delivery of goods, said a trade body chief at a workshop yesterday.

Mahbubur Rahman, president of International Chamber of Commerce-Bangladesh (ICCB), said this at a workshop on international commercial terms (incoterms-2010) rules organised by ICCB.

International Chamber of Commerce (ICC) has recently launched the latest revision of its internationally recognized Incoterms-2010 rules. The new rules for any mode or modes of transport for shipment of goods all over the world will come into effect on January 1.

The ICCB president emphasized the importance of understanding the new rules because any deviation will result in cancellation or withholding of payment against L/Cs.

Revisions have been made to ensure that the wordings of the incoterms rules clearly and accurately reflect present-day trade practices, he said.

ICC first created the incoterms rules in 1936 to help traders avoid misunderstandings by clarifying the costs, risks and responsibilities of both buyers and sellers in the delivery of goods.

A total of 126 senior and mid-level executives from banks and financial institutions attended the workshop. The follow-up workshop on incoterms 2010 will be held in Dhaka today.

Vincent O Brien, a standing member of the ICC Banking Commission, conducted the workshop. Mamun Rashid, Citibank s country officer and chairman of ICCB Standing Committee on Banking, also spoke.