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Rules for sea and inland waterway transport
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Incoterms 2010 - Rules for sea and inland waterway transport
CIF - Cost, Insurance and Freight
This arrangement is similar to CFR, but instead of the buyer insuring the goods for maritime phase of the voyage, the shipper/seller does so. In this arrangement, the seller usually chooses the forwarder. ¨ Delivery ¨is accomplished ath port of destination.
FOB - Free on board
The shipper/seller uses his freight forwarder to move the merchandise to the port or designated point of origin. FOB specifically refers to ocean or inland waterway transportation of goods. Risk passes to buyer, including payment of all transportation and insurance costs, once delivered on board the ship by the seller. Delivery is accomplished at this time. A further step than FAS.
FAS - Free Alongside Ship
CFR - Cost and Freight
Risk passes to the buyer, including payment of all transportation and insurance costs, once delivered alongside the ship ( realistically at named port terminal ) by the seller. FAS require the shipper/seller to clear goods for export. Companies selling on these terms will ordinarily use their freight forwarder to clear the goods for export. ´´ Delivery is accomplished when the goods are turned over the buyer´s forwarder for insurance and transportation.
Formerly know as CNF ( C&F) defines two distinct and separate responsibilities. One is dealing with the actual cost of the merchandise ´´ C ¨ and the other ¨ F ¨ refers to the freight charges to a predetermined destination point. It is the shipper/seller´s responsibility to get goods from their door to the port of destination. ¨ Delivery ¨ is accomplished at this time. Risk passes to the buyer once the goods are on board the vessel for insurance cover from the port of origin of shipment to the buyer´s door. Given that the shipper is responsible for transportation, the shipper also usually chooses the forwarder.