In international trade, CIF Place of Destination refers to the seller’s responsibility for the cost, insurance, and freight of the goods until they reach the agreed-upon destination. This includes arranging and paying for transportation and insuring the goods against damage or loss during transit. Once the goods arrive at the destination, the buyer assumes any associated costs or risks.
CIF place of destination refers to the seller’s responsibility for the cost, insurance, and freight of goods being shipped to a specific location in international trade. For example, if a Chinese company sells goods to a US company with CIF Los Angeles terms, the Chinese company is responsible for shipping the goods to the port of Los Angeles, insuring them during transit, and delivering them to the buyer’s specified location in Los Angeles. This means that the buyer only needs to pay for the goods and any additional fees related to customs clearance and import taxes. In summary, CIF place of destination shifts the burden of shipping costs, insurance, and delivery from the buyer to the seller in international trade.
CIF place of destination refers to the Incoterm used in international trade contracts, where the seller is responsible for delivering the goods to the agreed-upon destination port and covering the cost of freight and insurance.
Under CIF place of destination, the seller is responsible for delivering the goods to the destination port, arranging and paying for the cost of freight and insurance, and providing the necessary documentation for the buyer to claim the goods.
The buyer’s responsibilities under CIF place of destination include paying for the goods, arranging for the import clearance and any additional costs associated with the importation of the goods.
Yes, the seller has the freedom to choose the destination port under CIF place of destination, but it must be agreed upon with the buyer in the contract.
If the goods are damaged during transit under CIF place of destination, the seller is responsible for filing an insurance claim to cover the cost of the damaged goods.
The buyer can request a different destination port under CIF place of destination, but it must be agreed upon with the seller and may result in additional costs.
The seller is responsible for arranging the transportation of the goods to the destination port under CIF place of destination.
The buyer can refuse to accept the goods at the destination port under CIF place of destination if they do not meet the agreed-upon specifications or if there are damages that were not covered by insurance.
The seller is responsible for providing the necessary documentation for the buyer to claim the goods at the destination port, including the bill of lading, insurance certificate, and any other relevant shipping documents.
If the goods are lost during transit under CIF place of destination, the seller is responsible for filing an insurance claim to cover the cost of the lost goods.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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