Under the incoterms 2020 rules, cif means the seller is responsible for loading properly packaged goods on board the vessel theyve nominated, cost of carriage to the named port of destination on the buyers side, and insurance to that point. Cif is one of only two incoterms 2020 rules that identify which of the parties must purchase insurance. Cif is a term used in international trade that means the seller pays for the costs, insurance, and freight of the goods until they reach the buyer's port. Learn the rules, responsibilities, and risks of cif, and how it differs from other incoterms. Learn what cif means in international trade and how it affects the responsibilities and costs of sellers and buyers.
Cif is an incoterm that means the seller pays for transporting and insuring goods to a destination port. Learn the advantages, disadvantages, and legal considerations of cif, and compare it with other alternatives. Learn what cif means and how it is used in international trade. Find out the responsibilities and risks of the seller and the buyer under this rule, and the difference with cip. Learn the definition, obligations and changes of cif, an incoterm rule that means the seller pays for transport and insurance to the named port of destination. Compare cif with cfr and other incoterms rules and see diagrams and podcasts. Cif is a shipping incoterm that stands for: Cost, insurance, freight agreement, with the seller holding responsibility for all three. When purchasing internationally, the seller is responsible for exporting the cargo and shipping it until they arrive at the destination port, while insuring the cargo throughout the voyage.
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