CIF, Responsibility to bear costs to Buyer and Seller

The INCOTERM CIF (Cost, Insurance & Freight)  

The costs distribution to Buyer and Seller under CIF inco term

 

Q) Under the INCOTERM CIF, who should bear all cost related with Export customs declaration?

 

Answer

 The Seller has to bear all cost related with Export customs declaration if contract is under the INCOTERM CIF.

 

Q) Who has to pay the Carriage to port of export under CIF terms?

 

Answer

The Seller is responsible for paying carriage to port of export under CIF terms.

 

Q) Who is responsible for all the cost for unloading of truck in port of export, in CIF terms?

 

Answer

All the cost for unloading of truck in port of export should be given by the Seller under the INCOTERM CIF.

 

Q) Who is obliged to bear all cost for loading the cargo on vessel/airplane in port of export under CIF terms?

 

Answer

The Seller should pay all cost for loading the cargo on vessel/airplane in port of export under CIF terms.

 

Q) In INCOTERM CIF, who should give money to Carriage (sea/air) to port of import?

 

Answer

In INCOTERM CIF, the Seller should give money to Carriage (sea/air) to port of import.

 

Q) Who should arrange Insurance for the shipment under CIF term?

 

Answer

The Seller has to arrange Insurance for the shipment under CIF term.

 

Q) According to the INCOTERM CIF, all the expenses for unloading the cargo in port of import are whose responsibility?

 

Answer

According to the INCOTERM CIF, the expenses for unloading the cargo in port of import is met as per mutually agreed terms between buyer and seller

 

Q) Under CIF INCOTERM, who should pay for Loading on truck in port of import?

 

Answer

If the contract is under CIF INCOTERM, then the buyer should pay for Loading on truck in port of import.

 

Q) Who is responsible for arranging Carriage to place of destination under CIF terms?

 

Answer

The Buyer is responsible for arranging Carriage to place of destination if the term of delivery is under CIF terms.

 

Q)  Who is obliged to settle all cost for Import customs clearance in CIF terms?

 

Answer

All payment settlement for Import customs clearance in CIF terms is obliged with the Buyer.

 

Q) Import duties and taxes should be paid by whom under the CIF INCOTERM.

 

Answer

Import duties and taxes should be paid by the buyer under the CIF INCOTERM.


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D RAJA: iam one of the leading engineering industry in India to like to have a business tie up in Ireland

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