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CIF

INCOTERMS 2000
Breakdown dividing responsibility and charges between BUYER (importer) and SELLER (exporter)		 CIF
Cost Insurance & Freight
...Named Port of Destination
Applicable Modes of Transportation Sea or inland waterway only
Warehouse Storage & Labor at Origin SELLER
Export Packing SELLER
Loading on Carrier at Point of Origin SELLER
Domestic Pre-carriage /Local Cartage SELLER
Contract for Main Mode of Carriage SELLER
Export Documentation SELLER
Export Customs Clearance/License SELLER
Port Receiving Fees SELLER
Forwarder's Fees SELLER
Transportation Equipment & Accessories SELLER (5)
Loading at Carrier's Terminal SELLER (5)
International Main Carriage Charges SELLER
Cargo Insurance SELLER
Charges in Foreign Port/Airport BUYER
Unloading at Terminal BUYER
Customs Clearance in Importing Country BUYER
Customs Duties and Taxes Abroad BUYER
Delivery Charges to Final Destination BUYER
Unloading at Buyer's Premises BUYER
RISK TRANSFER Goods have been delivered on board vessel at named port of shipment


Notes:

***No obligation by either Buyer or Seller. Must be defined in contract.
  1. Seller renders assistance/makes arrangements at Buyer's request and expense and as per sales contract.
  2. Negotiable based upon mode of transportation and terms of contract. Needs to be clearly defined in sales contract.
  3. FAS requires Buyer to clear goods for export. Term should not be used if Buyer cannot carry out directly or indirectly the export formalities.
  4. The payment of the forwarder's fees is somewhat controversial depending on the contract of sale.
  5. Risk of loss or damage to the goods is transferred from the Seller to the Buyer when the goods pass over the ship's rail in the port of shipment. Not appropriate for Ro/Ro or container shipments where ship's rail serves no practical purpose.
  6. Place of Destination stated determines who will pay costs.

 
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