Incoterms rules are the language of international trade that outlines the responsibilities of sellers and buyers for the delivery of goods under sales contracts. The Incoterms rules are updated every 10 years by the International Chamber of Commerce to keep pace with the global trade landscape. Despite the well-established practice of using the Incoterms rules, many still do not apply them correctly. Applying the wrong Incoterms rules could result in delivery and payment problems, with operational and financial implications to companies. Incoterms 2020 brought changes that have been effective since 1 January 2020. Here are the highlights of the 

Overview and definitions of the new Incoterms 2020 rules

Explanation of the changes from Incoterms 2010 rules

Different modes of transport and the appropriate rules to apply

Dos and dont's - selecting the correct Incoterms 2020 rule for your contract

What changes within Group D actually mean

Amendments to FCA & FOB - BL on board requirement

Changes in level of insurance for CIP & CIF

What important matters are covered by Incoterms 2020 and what the key changes are

The new classification under Incoterms 2020

Different modes of transport and appropriate terms

Impact of Incoterms rules on shipping and transport documents

Use of Incoterms 2020 rules in domestic trade

How Incoterms 2020 affect the relationship between sellers and buyers and their specific responsibilities

Critical points under Incoterms 2020 for the transfer of risks and costs

A detailed diagrammatic analysis of the 11 Incoterms

Relationship of cargo insurance with Incoterms

Rules for any mode of transport in detail

Rules for sea and inland waterway in detail

Understanding Incoterms 2020 - 48th Run

This workshop offers a comprehensive overview of the use of the Incoterms 2020 rules and the obligations of the seller and buyer.

Understanding the Essentials of Letters of Credit

 workshop is designed to equip participants with a good understanding of the terms and conditions in letters of credits (LCs), and the uses, mechanics and risks of LCs. At the end of the workshop, participants will be able to:

explain in outline what Documentary Credits are,

understand how to use a Documentary Credit,

show in simple chart form how a Credit is created and used, and

understand the various terms involved when using Documentary Credits.

The workshop is case-based, interactive and highly practical.

Overview of methods of payment and trade facilities in international trade

Trade documents commonly used in international trade: bills of exchange, bills of lading, invoices, packing list, insurance, cerificate of origin, etc

Trade terms commonly used in internationl trade: FOB, CFR, CIF, FCA, CIP, CPT, EXW, FAS, DDP, (DAT, DAP replaces DDU, DAF, DES, DEQ)

Step-by-step detailed flow charts and samples on how various types of LCs work

Cost-saving areas in LC transactions which your bankers will never tell you

Why payments are often delayed in LC transactions and how to overcome this

Date of issue, shipment, presentation, date and place of expiry

Role and liability of banks and rights of recourse

Practical pointers when applying for an LC (importer)

How to prepare and check documents to avoid discrepancies

Understanding the Essentials of Letters of Credit - 25th Run

This workshop is designed to arm participants with a good understanding of the terms and conditions in LCs, and the uses, mechanics and risks of LCs.

When it comes to import and export, documentation is key. 

The Basics of Import/Export & International Trade

 workshop is designed to help you understand the effectiveness of import and export procedures to deal successfully with banks, freight forwarders, custom brokers and foreign customers. Find out how to use the necessary documents to obtain the greatest cost benefit for your company and timely execution of your order. On completion of this workshop, participants will gain confidence in dealing with difficult export and import situations, be able to reduce export and import transaction costs by targeting and eliminating common problems, as well as gain a wealth of practical and helpful tips to save valuable time and resources.

Understanding BLs and AWB and their implications

Certificate of origin - uses and applications

International Financing & Letters of Credit (LCs)

The Basics of Import/Export & International Trade - 15th Run

This workshop is designed for beginners as well as those currently engaged in import and export but are not too conversant with documentation and procedures.

Financing international trade is a risky business. The terms and conditions of Letters of Credit (LCs) have to be fully complied, otherwise it might lead to rejection and non-payment. This workshop is designed to help participants interpret the risks and show them how to protect themselves. The workshop is case-based, interactive and highly practical.

Misconception of the role of sales/marketing team

Buyer receives all the documents under the LC, but goods may differ

Absence of documents called for in the LC

Transport document signing capacity pitfalls

Terms and conditions dominated by a powerful seller

Expiry date and place of presentation trap

Understanding Pitfalls in LC Transactions - 12th Run

The workshop is designed to shed light in the pitfalls of LC transactions and help avoid costly errors that could lead to non-payment.

All it takes is just one discrepancy in export letters of credit (LCs) and bills of lading (BLs) to result in non-payment. To avoid discrepancies, those handling LCs and BLs must know the UCP 600 and ISBP 821 thoroughly. While UCP 600 was effective in July 2007, the ICC Banking Commission approved the latest ISBP (International Standard Banking Practices) in July 2023 to supplement and clarify the UCP 600 further, detailing key principles of document preparation, and rules for the examination of documents. What was previously considered a discrepancy is now no longer valid discrepancies for an issuing bank to reject payment. It's imperative that importers, exporters and bankers alike are updated with the UCP 600 and ISBP 821.

This workshop is case-based, interactive and highly practical.

ICC Documentation Standards under ISBP 821 and UCP 600

Abbreviations, certifications & declarations, dates

Corrections & alterations on documents - must they be authenticated?

Misspelling & typo errors - is this a discrepancy?

Inconsistencies in documents - are they discrepancies?

Drafts (bills of exchange) - words & figures differ, which will be taken as the amount demanded?

Shipping documents - what do they refer to?

Title of documents vs data content - which is more important

Invoices - tax invoice, commercial invoice, final invoice, consular invoice, pro-forma invoice, provisional invoice, etc goods description, Incoterms source

Charterparty bills of lading, tanker bills of lading, congen bills of lading

Road, rail or inland waterway transport documents

Beneficiary's certificate, analysis, inspection, health, phytosanitary, quantity, quality and other certificates

How to Handle Export LCs & BLs: Understanding the Revised ISBP 821 & Clarifications to UCP 600 - 11th run

An essential workshop for those who need a clear understanding of the procedures needed to ensure payment for goods sold on documentary credit terms.

Date:	Friday, 13 Dec 2024
Time:	01:00 AM - 09:00 AM
Venue:	Carlton Hotel, 76 Bras Basah Road, S(189558)
Fees:	$328 nett per participant (inclusive of course materials, e-certificate, lunch, tea breaks & refreshments)

Date:	Friday, 17 Jan 2025
Time:	01:00 AM - 09:00 AM
Venue:	Carlton Hotel, 76 Bras Basah Road, S(189558)
Fees:	$450 nett per participant (inclusive of course materials, e-certificate, lunch, tea breaks & refreshments)

Date:	Wednesday, 19 Feb 2025
Time:	01:00 AM - 09:00 AM
Venue:	Carlton Hotel, 76 Bras Basah Road, S(189558)
Fees:	$450 nett per participant (inclusive of course materials, e-certificate, lunch, tea breaks & refreshments)

Date:	Friday, 21 Feb 2025
Time:	01:00 AM - 09:00 AM
Venue:	Carlton Hotel, 76 Bras Basah Road, S(189558)
Fees:	$450 nett per participant (inclusive of course materials, e-certificate, lunch, tea breaks & refreshments)

Date:	Friday, 23 May 2025
Time:	01:00 AM - 09:00 AM
Venue:	Carlton Hotel, 76 Bras Basah Road, S(189558)
Fees:	$450 nett per participant (inclusive of course materials, e-certificate, lunch, tea breaks & refreshments)