CIF - Cost, Insurance and Freight
CIF { + the named port of destination }
Cost, Insurance and Freight
The cargo, insurance and delivery of the goods to the named port of destination (discharge) is at the sellers expense.
The buyer is responsible for the import Customs clearance and other costs and risks.
Under the rules of the Incoterms 2000, the term CIF is used for ocean freight only. However, in practice many importers and exporters still use the term CIF for air freight.
Guidelines to using Incoterms:
Always specify which terms are applicable - i.e. FAS in Incoterms 2000 as apposed to Incoterms 1990
When completing documents, ensure that you are using the correct format of a term. The term C+F has never existed.
Urge your trading partners to confirm their acceptance to the specified term in writing.
Draw up a check list of your duties and rights under the selected term and check that every intended or completed transaction conforms to this list and that nothing is omitted.
Request that your trading partner do the same and exchange this information with them.
Change or add nothing but in any event as little as possible to the selected term.
In case of any inevitable change or addition, inform your trading partner and request them to accept it in writing.
Never instruct carriers or any third party to do or omit anything on the basis of the Incoterms which do not apply to them at all.