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Difference between CIP terms and CFR terms.
Can I use CFR terms in air shipments? Can I use CIP terms in sea shipment?The Buyers and Sellers are suggested to use Incoterms 2020, the latest version of delivery terms for movement of goods. Click here to read the extract of Inco Terms 2020, easily explained.
What are the differences between CIP and CFR? Let us discuss on CFR vs.CIP below:
According to shipping terms, CFR means Cost and Freight paid (to named destination), CIP means Carriage and Insurance paid (up to named destination.)
The term CFR is used for sea and inland water transports, where as CIP is used for movements of goods under any mode of transport.
The major difference between CIP and CFR is that under CIP terms, the seller pays insurance cost and under CFR terms, the buyer insures the goods at his own cost.
I have easily explained the terms CFR and CIP in same web blog. Please find below link on CIP and CFR terms of shipping for your quick reference:
The Buyers and Sellers are suggested to use Incoterms 2020, the latest version of delivery terms for movement of goods. Click here to read the extract of Inco Terms 2020, easily explained.
I hope, you have satisfied with the above terms easy to understand. If you would like to write more on difference between CIP and CFR, please do not hesitate to express your thought below.
Detailed articles about Inco Terms of Delivery under export and import of International business have been mentioned in separate category – INCO TERMS – in this web site. You can click here to read.
The above information is a part of Export import business Course online
The Buyers and Sellers are suggested to use Incoterms 2020, the latest version of delivery terms for movement of goods. Click here to read the extract of Inco Terms 2020, easily explained.
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