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- Cost, insurance, and freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance, and freight of a buyer's order while the cargo is in transit. Cost, insurance, and freight only applies to goods transported via a waterway, sea, or ocean.
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What is CIF Incoterms?
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The Incoterms or International Commercial Terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) relating to international commercial law. Incoterms define the responsibilities of exporters and importers in the arrangement of shipments and the transfer of liability involved at various stages ...
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Sep 18, 2023 · Cost, insurance, and freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance,...
The United Nations Convention on Contracts for the International Sale of Goods ( CISG ), sometimes known as the Vienna Convention, is a multilateral treaty that establishes a uniform framework for international commerce. [1] [. Note 1] As of December 2023, it has been ratified by 97 countries, representing two-thirds of world trade.
- 1 January 1988
- multilateral uniform international sales treaty
- 11 April 1980
- Vienna, Austria
Apr 12, 2024 · Under CIF, the seller is responsible for delivering the goods to the agreed-upon port of destination, covering the costs of transportation to that port, providing insurance against the buyer's risk of loss or damage during the main carriage, and handling export clearance. Here is a breakdown of CIF;
The four Incoterms® 2020 rules for Sea and Inland Waterway Transport are: FAS - Free Alongside Ship (insert name of port of loading) FOB - Free on Board (insert named port of loading) CFR - Cost and Freight (insert named port of destination) CIF - Cost Insurance and Freight (insert named port of destination)
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 obliged to take out insurance cover for the buyer’s risk.
Cost Insurance & Freight - Incoterms Explained. Cost Insurance and Freight (CIF) Use of this rule is restricted to goods transported by sea or inland waterway. In practice it should be used for situations where the seller has direct access to the vessel for loading, e.g. bulk cargos or non-containerised goods.
