Do you want to Really understand Incoterms® 2020..??

Incoterms 2020

The importance of Incoterms® cannot be underestimated.. While there are several discussions, articles, and other materials on the Internet, there are also several vague, incorrect, and inaccurate material on the internet.. If you want the correct and accurate information on Incoterms and understand Incoterms, then I recommend the discussions and articles from Bob Ronai.. Bob … Read more

CPT/CIP – Delivery, Risk and interaction with Letter of Credit

CPT CIP delivery and interaction with Letter of credit - shipping and freight resource

CPT stands for “Carriage Paid To” and should be shown as CPT (named place of destination) Incoterms® 2020. CIP stands for “Carriage and Insurance Paid To” and should be shown as CIP (named place of destination) Incoterms® 2020.

Under CPT and CIP, the seller delivers the goods and transfers the risk to the buyer when

– the goods are handed over to the carrier contracted by the seller, or
– by procuring the goods so delivered.… Read More »

FCA Delivery and Letter of Credit interaction

FCA delivery and letter of credit

FCA stands for Free Carrier and should be shown as FCA (named place of delivery) Incoterms® 2020.. Under FCA, the seller delivers the goods to the buyer

– when the named place is the seller’s premises
– when they are loaded on the means of transport arranged by the buyer
– when the named place is another place having been loaded on the seller’s means of transport and the goods are ready for unloading from that seller’s means of transport when it reaches the named place and placed at the disposal of the carrier or of another person nominated by the buyer.… Read More »

Understanding Incoterms® 2020 Rules

Incoterms 2020

One of the experts invited by the International Chamber of Commerce to be a member of their Incoterms® Drafting Group to draft the new Incoterms® 2020 is Bob Ronai, the first Australian and only the second non-lawyer to be invited by the ICC to be a member.. Bob addresses common questions about Incoterms® rules and also clears many misconceptions about the usage of the Incoterms® rules on his hugely popular Incoterms® group on LinkedIn..

Bob has compiled a series of short explanations of various matters critical to understanding and using the Incoterms® 2020 rules in the real world of trade based on various questions he has received about the correct application of the rules.. Some of these questions and explanations are being reproduced on this platform with kind permission from Bob Ronai..… Read More »