TFG Incoterms Resource Centre

Welcome to the Trade Finance Global (TFG) Incoterms® 2020 Rules Resource Centre

A short, 20 page introductory guide on each Incoterms® 2020 rule.

1 page per Incoterms rule, this simple guide is designed for complete beginners to give a background and basic understanding the importance of Incoterms® Rules.

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A comprehensive 94 page guide on Incoterms® 2020, to be used in conjunction with ICC’s new book, INCOTERMS® 2020. Aimed at all trade practitioners.

Written by Bob Ronai CDCS, a member of the ICC’s Incoterms® 2020 Drafting Group, in partnership with Trade Finance Global (TFG). This guide provides an article by article commentary on Incoterms® 2020.


All proceeds from this book are split between the Author, and funding the TFG Student Accelerate Scholarship

Incoterms® 2020 Podcasts & Mini Guides

EXW – Ex Works

Delivery of goods at which the seller takes on the least risk

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FCA – Free Carrier

Buyers organise shipping of goods and export documentation

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CPT – Carriage Paid To

Like FCA, but where goods are delivered to a defined destination

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CIP – Carriage Insurance Paid To

Seller required to purchase minimum insurance required, and transport

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DAP – Delivered At Place

Seller needs to deliver goods (and insure them) to a defined terminal

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DPU – Delivered At Place Unloaded

Multimodal incoterm for seller to deliver goods to a defined destination

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DDP – Delivered Duty Paid

Multimodal incoterm extending on DAT, to deliver goods at named destination

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FAS – Free Alongside Ship

Non-containerised incoterm where it’s acceptable to ship with other goods

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FOB – Free on Board

Seller delivers to port but buyer responsible for insurance

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CFR – Cost and Freight

Seller delivers goods to destination and is responsible for all transport insurance

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CIF – Cost, Insurance & Freight

Seller pays for transport insurance and delivery of goods up until end port

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Incoterms® 2020 Rules Commentary


What’s inside →

Incoterms® 2020 Videos

Introduction to Incoterms

  1. What are Incoterms® and why are they important?
  2. Why are Incoterms® necessary, and why can’t we just use a contract?
  3. What is the safest way to incorporate Incoterms® 2020 rules into a contract?

Incoterms® 2020 – Origins and History

  1. What are Incoterms® and why have the ICC created them?
  2. Why have Incoterms® 2020 been updated?
  3. What are your key tips for buyers and sellers using Incotems® rules?

Incoterms® 2020 – Key Changes

  1. What are the key changes for Incoterms® 2020?
  2. How should buyers and sellers incorporate Incoterms® into agreements and contracts?

Incoterms® Top Tips

  1. Why is understanding Incoterms® and training so important for freight forwarders, banks and traders?
  2. What 3 pieces of advice would you give to buyers and sellers when it comes to Incoterms®?

Incoterms® and Brexit

  1. Why is the importance of the new Incoterms® rules in light of Brexit?
  2. What 3 pieces of advice would you give to buyers and sellers when it comes to Incoterms®?

About the Author

Bob Ronai’s background in exporting and importing stretches over more than 50 years, initially in international banking then in the world of international commerce.

In 1989 he started his own business as an independent consultant and educator assisting exporters and importers in the “back office” side of their businesses. In all, he has directly controlled and co-ordinated many tens of thousands of shipments of a very wide variety of products coming and going all round the world.

Bob has the honour of being the first Australian and only the second non-lawyer to be invited by the ICC to be a member of their Incoterms® Drafting Group to draft the new Incoterms® 2020. This was as a result of his being a member of the ICC’s committee which drafted the new publication “ICC Guide to Transport and the Incoterms® 2010 Rules”.

He was previously a member of ICC Australia’s Incoterms® Committee contributing to the drafting of Incoterms® 2010 and was then Australia’s representative to the three days of Incoterms® 2010 Release Conference and Masterclass workshop in Paris October 2010.

In May 2015 he gave a presentation on Incoterms® 2010 to the ICC’s first-ever conference in Yangon, Myanmar, and in October 2015 was invited to give a similar presentation to ICC Hong Kong.

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