In today’s complex global trade environment, finance professionals must apply Incoterms® 2020 with clarity and accuracy to manage cross-border transactions, mitigate tariff exposure, and navigate evolving regulatory landscapes.
This course provides a practical and up-to-date understanding of the eleven Incoterms® 2020 trade terms. Participants will learn how to allocate responsibilities and risks between buyers and sellers, avoid common misapplications, and apply the terms effectively in contracts. The course also highlights key changes from the 2010 edition and explores how Incoterms® can support strategic decision-making and risk management in international trade.
At the end of this course, you will be able to:
- Identify the eleven Incoterms® 2020 trade terms used in international transactions;
- understand the keychanges from Incoterms® 2010 to 2020 and their implications;
- assess the duties, cost, risks and responsibilities of Importers and Exporters under each Incoterms®;
- recognise the documents and procedural steps involved in applying Incoterms® correctly; and
- apply Incoterms® 2020 to manage tariff risk effectively.
Programme Outline
Overview of the Incoterms®
- What are Incoterms®?
- Purpose and scope of Incoterms®
- Common misconceptions
- What Incoterms® do not cover
- Differentiate between terms of sales vs terms of payment
- Impact on shipping and transport documents
Structure and Key Articles of Incoterms® 2020
- Division of Incoterms® 2020 rules into two groups
- Delivery, risks, and cost overview
- The 10 key articles of Incoterms® 2020:
- General obligations
- Delivery
- Transfer of risks
- Carriage
- Insurance
- Delivery / transport documents
- Export / import clearance
- Checking / packaging / marking
- Allocation of costs
- Notices
Key Changes from Incoterms® 2010 to Incoterms® 2020
- Overview of key updates
- Incoterms 2010 vs Incoterms 2020
- Differences between Incoterms 2020 & 2010
The 11 Incoterms® 2020 rules
- Ex-Work (EXW)
- Free Carrier (FCA)
- Carriage Paid To (CPT)
- Carriage and Insurance Paid To (CIP)
- Delivered at Place(DAP)
- Delivered at Place Unloaded (DPU)
- Delivered Duty Paid (DDP)
- Free Alongside Ship (FAS)
- Free On Board (FOB)
- Cost and Freight (CFR)
- Cost, Insurance and Freight (CIF)
Practical Application of Incoterms® 2020
- Applying Incoterms® correctly in contracts
- Selecting appropriate Incoterms®: key considerations including transport mode and business needs
- Harmonise Incoterms® with ancillary contracts (insurance, carriage, finance)
- Common pitfalls and best practices
- FCA vs FOB: practical insights for containerised shipments
Managing Tariff Risk and Landed Costs with Incoterms® 2020
- Why Incoterms Rules Matter in a Volatile Tariff Environment?
- Who Pays the Tariff under Incoterms® 2020 Rules?
- Case Study: Application of Incoterms to Manage Tariff Risk
Practical Insights and Recommendations
- Best insurance types for non-delivery risks
- Common misunderstandings around terminal charges.
- Who in your organisation should be involved in Incoterms?
Training Methodology*
Lecture style with case studies and discussion.
Closing Date for Registration*
1 Week before Programme or Until Full Enrolment.
Intended For
This course is designed for finance managers, management accountants, treasury and tax professionals, financial analysts, internal and external auditors, procurement specialists, logistics and supply chain managers, as well as legal and compliance professionals involved in managing, overseeing, or supporting international trade transactions.
Competency Mapping
Others = 7.00 Hours
Schedule & Fees
Date & Time
24 Nov 2025 (9:00 AM - 5:00 PM)
Fee (inclusive of GST)
SGD pricing -
For Members:
$ 507.94
For Non-Members:
$ 606.04
Programme Facilitator(s)
Team of Professionals (Richard Yeo and Tan How Huat)
Venue
60 Cecil Street
ISCA House
Singapore 049709
Testimonial
Funding
No funding Available!
Programme Facilitator(s)
Richard Yeo Chin Keat
MBA, MIEx (Grad), ACIB
Richard has over 35 years of working experience in the banking industry, covering the areas of International Trade Finance, Funds Transfers (Remittances), Business Administration, Retail Banking and Risk Management. He has worked in various international banks and also multinational and is actively involved in conducting in-house training and presentations.
He was a key management staff in a listed company, and was also a Senior Manager in an MNC.
Prior to those earlier appointments he was a Deputy General Manager and Compliance Officer (Head of Compliance) in an offshore bank, in charge of Trade Finance, Settlements, Remittances, Deposits, Loans Administration, Correspondent banking as well as Accounting and Regulatory Compliance.
Richard was a registered Associate Trainer with the Institute of Banking and Finance (IBF), and is a part-time Associate Lecturer with the Singapore Institute of Management (SIM) and he developed the module “Export-Import Operations & E-commerce in Trade” for the Diploma in International Business. Richard was formerly a part-time Tutor with the Business and Management Education Limited, for the Manchester Business School MBA program conducted in Singapore. Currently he is part-time lecturer with Hanbridge Institute for the University of Suffolk, MSc. program conducted in Singapore. He was teaching Strategic Management, Trade Internationalization, and currently International Business Management.
Richard was an Associate Member of the Chartered Institute of Bankers, a graduate member of the Institute of Exports (UK) and holds a Master of Business Administration degree, jointly awarded by the University of Manchester and the University of Wales, UK.
Tan How Huat
Tan How Huat has over 40 years of experience in the trade finance sector within the banking industry. His expertise spans the entire spectrum of international trade operations, encompassing both Import and Export facets. He has played a pivotal role in trade products development, such as Own Acceptance Discounting, and has been instrumental in formulating trade product policies for the bank.
Throughout his tenure in various local and international banks, How Huat has been actively engaged in conducting in-house training sessions and presentations. He also delivers training programs tailored for bankers and corporate entities in Indonesia and Myanmar.
During his banking career, How Huat provided invaluable trade advisory support, specializing in the interpretation and application of ICC rules governing Trade Finance and assist in the banks’ trade fee and interest income budgets. He collaborated closely with Risk, Legal, and Compliance departments to address challenges related to Trade Based Money Laundering, Terrorist Financing, and Sanctions. His efforts culminated in the development of robust in-house processes designed to identify pertinent risks and guide appropriate actions.
Following his retirement from the banking industry, How Huat remains active in trade finance, offering advisory services and conducting freelance Trade Finance courses. He stays current with industry developments by regularly attending monthly meetings with fellow trade finance enthusiasts, where they discuss the latest updates and court cases affecting trade finance practices.
How Huat was a Certified Documents Checking Specialist (I.C.C.), hold a London Chamber of Commerce Higher Accounting certificate and is a G.C.E. A-level holder.
In today’s complex global trade environment, finance professionals must apply Incoterms® 2020 with clarity and accuracy to manage cross-border transactions, mitigate tariff exposure, and navigate evolving regulatory landscapes.
This course provides a practical and up-to-date understanding of the eleven Incoterms® 2020 trade terms. Participants will learn how to allocate responsibilities and risks between buyers and sellers, avoid common misapplications, and apply the terms effectively in contracts. The course also highlights key changes from the 2010 edition and explores how Incoterms® can support strategic decision-making and risk management in international trade.
At the end of this course, you will be able to:
- Identify the eleven Incoterms® 2020 trade terms used in international transactions;
- understand the keychanges from Incoterms® 2010 to 2020 and their implications;
- assess the duties, cost, risks and responsibilities of Importers and Exporters under each Incoterms®;
- recognise the documents and procedural steps involved in applying Incoterms® correctly; and
- apply Incoterms® 2020 to manage tariff risk effectively.
Programme Outline
Overview of the Incoterms®
- What are Incoterms®?
- Purpose and scope of Incoterms®
- Common misconceptions
- What Incoterms® do not cover
- Differentiate between terms of sales vs terms of payment
- Impact on shipping and transport documents
Structure and Key Articles of Incoterms® 2020
- Division of Incoterms® 2020 rules into two groups
- Delivery, risks, and cost overview
- The 10 key articles of Incoterms® 2020:
- General obligations
- Delivery
- Transfer of risks
- Carriage
- Insurance
- Delivery / transport documents
- Export / import clearance
- Checking / packaging / marking
- Allocation of costs
- Notices
Key Changes from Incoterms® 2010 to Incoterms® 2020
- Overview of key updates
- Incoterms 2010 vs Incoterms 2020
- Differences between Incoterms 2020 & 2010
The 11 Incoterms® 2020 rules
- Ex-Work (EXW)
- Free Carrier (FCA)
- Carriage Paid To (CPT)
- Carriage and Insurance Paid To (CIP)
- Delivered at Place(DAP)
- Delivered at Place Unloaded (DPU)
- Delivered Duty Paid (DDP)
- Free Alongside Ship (FAS)
- Free On Board (FOB)
- Cost and Freight (CFR)
- Cost, Insurance and Freight (CIF)
Practical Application of Incoterms® 2020
- Applying Incoterms® correctly in contracts
- Selecting appropriate Incoterms®: key considerations including transport mode and business needs
- Harmonise Incoterms® with ancillary contracts (insurance, carriage, finance)
- Common pitfalls and best practices
- FCA vs FOB: practical insights for containerised shipments
Managing Tariff Risk and Landed Costs with Incoterms® 2020
- Why Incoterms Rules Matter in a Volatile Tariff Environment?
- Who Pays the Tariff under Incoterms® 2020 Rules?
- Case Study: Application of Incoterms to Manage Tariff Risk
Practical Insights and Recommendations
- Best insurance types for non-delivery risks
- Common misunderstandings around terminal charges.
- Who in your organisation should be involved in Incoterms?
Training Methodology*
Lecture style with case studies and discussion.
Closing Date for Registration*
1 Week before Programme or Until Full Enrolment.
Intended For
This course is designed for finance managers, management accountants, treasury and tax professionals, financial analysts, internal and external auditors, procurement specialists, logistics and supply chain managers, as well as legal and compliance professionals involved in managing, overseeing, or supporting international trade transactions.
Competency Mapping
Others = 7.00 Hours
Programme Facilitator(s)
Richard Yeo Chin Keat
MBA, MIEx (Grad), ACIB
Richard has over 35 years of working experience in the banking industry, covering the areas of International Trade Finance, Funds Transfers (Remittances), Business Administration, Retail Banking and Risk Management. He has worked in various international banks and also multinational and is actively involved in conducting in-house training and presentations.
He was a key management staff in a listed company, and was also a Senior Manager in an MNC.
Prior to those earlier appointments he was a Deputy General Manager and Compliance Officer (Head of Compliance) in an offshore bank, in charge of Trade Finance, Settlements, Remittances, Deposits, Loans Administration, Correspondent banking as well as Accounting and Regulatory Compliance.
Richard was a registered Associate Trainer with the Institute of Banking and Finance (IBF), and is a part-time Associate Lecturer with the Singapore Institute of Management (SIM) and he developed the module “Export-Import Operations & E-commerce in Trade” for the Diploma in International Business. Richard was formerly a part-time Tutor with the Business and Management Education Limited, for the Manchester Business School MBA program conducted in Singapore. Currently he is part-time lecturer with Hanbridge Institute for the University of Suffolk, MSc. program conducted in Singapore. He was teaching Strategic Management, Trade Internationalization, and currently International Business Management.
Richard was an Associate Member of the Chartered Institute of Bankers, a graduate member of the Institute of Exports (UK) and holds a Master of Business Administration degree, jointly awarded by the University of Manchester and the University of Wales, UK.
Tan How Huat
Tan How Huat has over 40 years of experience in the trade finance sector within the banking industry. His expertise spans the entire spectrum of international trade operations, encompassing both Import and Export facets. He has played a pivotal role in trade products development, such as Own Acceptance Discounting, and has been instrumental in formulating trade product policies for the bank.
Throughout his tenure in various local and international banks, How Huat has been actively engaged in conducting in-house training sessions and presentations. He also delivers training programs tailored for bankers and corporate entities in Indonesia and Myanmar.
During his banking career, How Huat provided invaluable trade advisory support, specializing in the interpretation and application of ICC rules governing Trade Finance and assist in the banks’ trade fee and interest income budgets. He collaborated closely with Risk, Legal, and Compliance departments to address challenges related to Trade Based Money Laundering, Terrorist Financing, and Sanctions. His efforts culminated in the development of robust in-house processes designed to identify pertinent risks and guide appropriate actions.
Following his retirement from the banking industry, How Huat remains active in trade finance, offering advisory services and conducting freelance Trade Finance courses. He stays current with industry developments by regularly attending monthly meetings with fellow trade finance enthusiasts, where they discuss the latest updates and court cases affecting trade finance practices.
How Huat was a Certified Documents Checking Specialist (I.C.C.), hold a London Chamber of Commerce Higher Accounting certificate and is a G.C.E. A-level holder.