No, under CIF terms, the seller selects the shipper and the shipping route. 11 Who handles customs clearance in FOB terms? In FOB terms, the buyer is responsible for handling customs clearance and all related documentation. 10 What does FOB mean in shipping? FOB means Free on Board, where...
When shipping under CIF Incoterms, the transfer of possession beings once the goods are loaded safely onto the boat, but the seller is responsible for paying freight charges and procuring the shipping insurance. This means the seller pays for all costs associated with moving the cargo until the...
As per Inco terms of shipping, CPT means Carriage Paid to (named destination mentioned). CIF means, Cost, Insurance and Freight (up to the destination mentioned). The term CPT was introduced in Inco Terms 2010. The CIF terms of shipping has been being used for the past decades. The major...
CIF means Costs, Insurance, and Freight. It is part of the international shipping agreements for inland waterway transportation. In a CIF contract, the seller is responsible for paying freight charges, shipping insurance policy, and further additional fees that come along with those. Unlike some i...
while freight denotes the cost of transportation and planning the transportation needs. This ensures a smooth cargo journey. Under CIF, the seller is responsible for orchestrating every aspect of the shipment. This means they arrange and pay for all shipping intricacies, ensuring the goods reach the...
CIP and CIF have similarities. Their price composition includes the usual freight and agreed insurance premiums. Moreover, contracts concluded under these two terms are all shipping contracts. However, the terms CIP and CIF have obvious differences in terms of delivery location, risk division boundari...
Here are a few sample paragraphs for representing CIF terms in an agency contract in an informal and varied English style: 1. When it's CIF, we take care of everything from shipping to insurance. You just need to focus on the product and we'll handle the logistics. It's a simple way...
A big reason why the costs above are so high is that the shipping terms were EXW Fuzhou. As mentioned above, this means that the factory will manufacture all of the goods, and I have to come to their place to pick them up. They’ll handle almost nothing in terms of freight. It’s...
What Does CIF Mean in Shipping Terms? Cost, insurance, and freight (CIF) is an international shipping agreement used when freight is shipped via sea or waterway. Under CIF, the seller is responsible for covering the costs, insurance, and freight of the buyer's shipment while in transit. The...
The common features and differences of trade terms FOB, CIF, and CFR (1) CFR/CNF trade terms 1, the definition of CFR/CNF is a combination of letters COST AND FREIGHT three words which made Chinese means cost plus freight, port of destination, when the goods across the ship's rail in ...