What is CIF terms in inland waterway transport?

CIF terms only apply to international sea and river routes. Does not apply to other forms of shipping.

Basically, the CIF condition is similar to the CFR condition, but the difference between the two is that the seller MUST BUY INSURANCE FOR THE SHIPMENT.

CIF (Cost, Insurance and Freight) - Cost, Insurance and Freight means that the seller delivers the goods on board the vessel which is booked by the seller and arranged so that the goods remain on board the vessel at the named port of shipment in the country of destination. seller. The seller transfers risk to the buyer when the goods are placed on board the vessel. The seller bears all costs from the time the goods are released from the warehouse until the goods are delivered to the buyer's port. These costs include trucking, paying export tax (if any), customs clearance for export, bearing the cost of loading the goods on board. The seller hires international transport (ships) and is responsible for the costs until it arrives at the port of import. More importantly, the seller buys insurance for the shipment to protect the interests of the buyer.

Seller's responsibilities in terms of delivery CIF

+ Trucking top output

+ Customs clearance for export goods

+ Pay export tax (if any)

+ Renting international means of transport (ships)

+ BUY INSURANCE FOR THE SHIPMENT

+ Cost of loading goods on international means of transport

+ Local charge first output

+ Bear all costs from the time the goods are shipped from the seller's warehouse until the goods are delivered to the named port of the buyer's country as specified in the foreign trade contract.

Buyer's responsibility in terms of delivery CIF

+ Cost of unloading goods from the main means of transport to the port of entry

+ Local charge input

+ Customs clearance of imported goods

+ Pay import tax

+ Trucking the first import to the buyer's warehouse

+ Unloading goods from domestic means of transport to the buyer's warehouse.

Risks in terms of delivery CIF

The risk from the seller passes to the buyer when the seller completes the delivery of the goods on board the ship because the seller books the vessel at the port of the seller's country as specified in the contract. Such loading costs will be borne by the seller. However, the cost of unloading goods from the main means of transport to the buyer's country port will be borne by the buyer.

Cargo insurance in CIF

Under CIF terms, the seller must buy insurance for the shipment to protect the interests of the buyer. If there is no further stipulation in the foreign trade contract, the seller can buy insurance with the smallest benefit (Type C)

Learn more about the terms of insurance for goods exported by sea

In addition, if the seller does not wish to receive insurance coverage for the shipment, a CFR term may apply