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Understanding Incoterms (2020)

Highly recommended for businessmen who make use of incoterms on a regular basis to have an updated and thorough understanding in order to reduce any potential risks while engaging in trading activities.

Module Content

Incoterms 2020 is the acronym for "International Commercial Terms". Incoterms 2020 rules define the basic roles and responsibilities of the seller and buyer participating in the import and export trade. It also provides specific guidance to reduce the risk of legal complications when preparing a sales contract. Incoterms 2020 rules serve as a guide to ensure compliance and to avoid costly disputes when sales contracts are not adequately drafted.

  • Purpose & Scope of Incoterms
  • Why Revision of Incoterms
  • Incorporation of Incoterms into the Sales Contract
  • The Structure & Variations of Incoterms
  • The Seller’s Delivery Obligations
  • Passing of Risks & Costs Relating to the Goods
  • The Buyer’s Options as to the Place of Shipment
  • Customs Clearance
  • Packaging & the Inspection of Goods
  • Mode of Transport & Appropriate Incoterm 2020
  • Bill of Lading & Electronic Commerce
  • Non-negotiable Transport Document instead of Bills of Lading
  • ICC Arbitration

Methodology

Lessons are conducted in a structured yet pragmatic manner as trainings are blended with group discussions and presentation. The group discussions give participants the opportunities to share their experience and application of concepts and approaches learned through the course.

Learning Outcomes

  • Identify the initial purpose and scope of Incoterms 2020 and the need for revision
  • The basic structure and variations of Incoterms 2020 and how it is incorporated into a sales contract
  • Understand obligations by both buyer and seller under the terms of sales
  • Identify various options available to the buyer with regards to the Place of Shipment and the passing of risks
  • Understand customs clearance and requirements at the port of embarkation and destination
  • Identify the different modes of transportation under the structure of Incoterms 2020
  • Understand the application of E-commerce and other shipment documentation (e.g. Bill of Lading) and other non-negotiable transport documentation

Target Participants:

The course is suitable for traders or any person engaged in the processes of goods transportation, cost allocation, insurance matters and those who are interested in understanding global trading practices

Medium of Instruction:

English

Assessment and Certification

Participants who fulfill at least 75% attendance for the whole course will be awarded the Certificate of Attendance.

Course Schedule

Upcoming Date:

17th August 2022

Time:

9.30am to 5.30pm (Wednesday)

Mode of Delivery:

Delivered via synchronous e-learning

Upcoming Date:

16th September 2022

Time:

9.30am to 5.30pm (Friday)

Mode of Delivery:

Delivered via synchronous e-learning

Enrolment Closing Date: 7 working days before course commencement

Course Fees

Full Course Fees (incl. 7% GST) $203.30
Membership Fee (incl. 7% GST, non-refundable) $53.50
Course fees can be offset using your SkillsFuture Credit.

 

  In-Classroom Training Synchronous e-learning
TGS Code - TGS-2020500024
Course Support Period - 22 May 2003 to 6 Jan 2024

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