CIF - COST INSURANCE
AND FREIGHT (incoterms 2000)
What is CIF?
CIF is a delivery term Cost,
Insurance and Freight specified in INCOTERMS 2000.
CIF means that the seller
delivers when the goods pass the ship's rail in the named
port of shipment.
The seller pays costs,
insurance and freight until the named port of shipment.
The goods delivered with CIF
are cleared for export by seller.
This also means that the
buyer should bear all costs and risks of loss or damage
from the point of delivery.
It is recommended
to verify specific details in Incoterms 2000.
Import, Export, Incoterms
The seller's
obligations in CIF term:
Provision of goods
Licenses and export
formalities
Delivery at the named port of
shipment
Transfer of risks to the
buyer when goods are delivered at the named port of shipment
Details are
specified in Incoterms 2000
The buyer's
obligations in CIF term:
Payment of the price
Licenses and import
formalities
Contracts of carriage to the
named place of shipment and insurance
The buyer should bear all
risks from the time the goods are delivered according to CIF
term
Details are
specified in Incoterms 2000
Additional information
about divisions of costs, notice to the buyer, notice to
the seller, proof of delivery, transport documents and
other obligations available in INCOTERMS 2000 of
ICC.
Search for more in the
database
Subjects keywords:
CIF, COST INSURANCE
AND FREIGHT: CIF definition, seller's obligations in CIF
term, buyer's obligations in CIF term, INCOTERMS. All
information about CIF.
