In this free guide, we share an easy to follow Incoterms chart, which explains each term at a glance. We also explain what each term means, how it works in a buying and selling agreement, and what you should look out for.

CIF – Cost, Insurance and Freight paid to (Port of Destination) - Incoterms 2020 ¶ Explained¶ In CIF terms, the seller clears the goods at origin places the cargo on board and pays for insurance until the port of discharge at the minimum coverage.

Jan 8, 2025 · CIF – Cost, Insurance and Freight. Why it’s used: CIF is favored in sea freight as it includes the cost of the goods, insurance, and seafreight to the named port of destination. The seller takes on the responsibility for the costs and risks until the goods reach the destination port, providing buyers with some risk mitigation during transit.

incoterms ® risk transfer chart Incoterms, or International Commercial Terms, help define responsibilities and liabilities of parties involved in trade. This simple reference clearly delineates the points at which the risk of loss shifts between the seller and the buyer

Feb 20, 2025 · Cost, Insurance and Freight (CIF) is an Incoterm rule that is identical to the CFR Incoterm rule except in one aspect: insurance. Even though the risk transfers to the seller upon loading the goods on board the vessel, in CIF, the seller is …

Learn what Incoterms 2020 are, their meaning in shipping, and how to use terms like FOB, CIF, and EXW. Explore the Incoterms chart for exporters and gain practical knowledge for international trade and maritime logistics. ... Choose CIF or DDP if you prefer all-in-one delivery. Educational Use: Incoterms in Maritime Training

Incoterms® are ICC’s standard defnitions of trade terms and are internationally recognized as indispensable evidence of the buyer’s and seller’s responsibilities for delivery under a sales contract.

Feb 29, 2024 · CIF - Cost, Insurance, and Freight. Similar to CFR, the Cost, Insurance, and Freight (CIF) Incoterm involves the seller arranging and paying for transportation to the port of destination. However, with CIF, the seller must also arrange and pay for insurance coverage for the goods during transit.

Incoterms ® 2020 rules are a universal set of eleven rules that help to guide international commerce and the transportation of goods between different countries. The rules are organized in a set of three-letter trade terms.

Only CIF and CIP place an obligation on anyone to purchase cargo insurance. However, it is usually a good idea for the seller or