Under CIF terms of delivery in export business, Cost Insurance and Freight included in the selling cost of goods. I will explain CIF terms of delivery with a simple example. You are a Machinery seller situated in Mumbai, India. The buyer is situated in New York. You are the seller of go...
COST INSURANCE AND FREIGHT (CIF)officially means that the seller delivers the goods to the buyer on board the vessel or gains the goods already so delivered. The risk of loss of or damage to the goods transfers when the goods are on board the vessel, such that the seller is taken to ha...
Master Bill of Lading ( MBL ) isissued by the carrierwhich can be the ship operator or the owner of goods from the freight forwarder to ship thegoods as terms agreed. House of Bill of Lading is issued by anNVOCC operator,or aFreight Forwarderto theircustomers ensuring the shipment. How ...
In CIF, CPT CIP, customs clearance, DAP, DAT, DDP, export, EXW, FAS, FCA, FOB, Global Business, incoterms, international business, International Shipping0 2020 is less than a month away, and it’s not an exaggeration to say it will be one of the most eventful new years the internatio...
CIF (Cost, Insurance and Freight)– applies to sea or inland waterway transportation. The rules are very similar to CFR, however the cost and responsibility of insurance is transferred here from the buyer to the seller (until the goods reach the port of destination). ...
The former Incoterms 2010 rule “DAT” (Delivered at Terminal) becomes now “DPU” (Delivered at Place Unloaded). There is also a variation in “CIF” (Cost, Insurance, and Freight) and “CIP” (Carriage and Insurance Paid to) rules, now giving the parties a choice to increase insurance...
On 1 January 2020, a new version of Incoterms – the Incoterms 2020 rules (ICC publication No. 723) – came into force. This version contains important changes to the rules for the international supply of goods.The main goal of this new edition is to make these rules as clear and easy...
Cost Insurance and Freight (CIF) Rules that apply to all transport modes What is Ex Works – EXW? EXW means the seller delivers the goods when they are packaged and made available to the buyer at an agreed place – which could be the seller’s premises or another named place such as a...
Cost Insurance and Freight (CIF) Rules that apply to all transport modes What is Ex Works – EXW? EXW means the seller delivers the goods when they are packaged and made available to the buyer at an agreed place – which could be the seller’s premises or another named place such as a...
Currently the Incoterms 2010 are in force and they will remain in effect for those using them. It is worth remembering that the Incoterms 2020 do not replace the Incoterms 2010 and so it is still possible to agree on the validity of the Incoterms 2010. It is therefore important to alway...