Mode of Transport: Sea or inland waterway transport only
Applicable for Domestic Trade: Yes
Applicable for String Sales: Yes
Applicable for Goods Moving in Containers: No
Delivery Condition: The seller delivers the goods on board of the vessel, nominated by the buyer at the named port of shipment or procures the goods already so delivered.
Point of Risk Transfer: The board of the vessel
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Point of Cost Transfer: Specific point at the named port of destination
Rules for Quote (Quotation): [currency] [price] CIF [named port of destination] Incoterms® 2020
Example of Quote (Quotation): $150,000 CIF, Quai #2, Amsterdam Port, Middensluisweg 2, 1975, Amsterdam, Netherlands, Incoterms® 2020
Packaging: Seller’s responsibility and cost
Export Clearance & Security: Seller’s responsibility and cost
Inspection: Seller’s responsibility and cost, only if the inspection is mandated by local authorities
Loading: Seller’s responsibility and cost
Carriage: Buyer’s responsibility BUT Seller’s cost
Insurance: Buyer’s responsibility BUT Seller’s cost
Import Clearance & Security: Buyer’s responsibility and cost
Unloading: Buyer’s responsibility and cost, unless unloading cost is included in the contract of carriage.
Notification: The Seller timely notifies the Buyer that when and where the goods can be taken. The Buyer timely notifies the Seller the time for shipping goods and receiving point at the named port of destination.
Documentation: The Seller must provide the Buyer with the transport document. The Buyer must accept the transport document.