Abdallah Jumaa
May 23
What are the responsibilities of seller and buyer under CIF?
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ChatGPT
May 23
Under CIF (Cost, Insurance, and Freight) Incoterm, the responsibilities of the seller and buyer are as follows:
Seller's responsibilities:
1. Delivery of goods: The seller is responsible for delivering the goods to the agreed-upon port of destination.
2. Packaging and labeling: The seller must package the goods appropriately for transportation and ensure they are properly labeled.
3. Export clearance: The seller is responsible for obtaining any necessary export licenses or permits.
4. Insurance: The seller must arrange and pay for insurance coverage for the goods during transit to the port of destination.
5. Freight: The seller is responsible for arranging and paying for the freight costs to transport the goods to the port of destination.
6. Export documentation: The seller must provide the buyer with all necessary export documentation, including the bill of lading.
Buyer's responsibilities:
1. Payment: The buyer is responsible for paying the price of the goods as agreed upon in the sales contract.
2. Import clearance: The buyer is responsible for obtaining any necessary import licenses or permits.
3. Insurance: The buyer may choose to purchase additional insurance coverage for the goods after they arrive at the port of destination.
4. Unloading: The buyer is responsible for unloading the goods from the vessel at the port of destination.
5. Import duties and taxes: The buyer is responsible for paying any import duties and taxes that may be levied on the goods.
6. Import documentation: The buyer must provide the seller with all necessary import documentation to facilitate the clearance of the goods at the port of destination.
Seller's responsibilities:
1. Delivery of goods: The seller is responsible for delivering the goods to the agreed-upon port of destination.
2. Packaging and labeling: The seller must package the goods appropriately for transportation and ensure they are properly labeled.
3. Export clearance: The seller is responsible for obtaining any necessary export licenses or permits.
4. Insurance: The seller must arrange and pay for insurance coverage for the goods during transit to the port of destination.
5. Freight: The seller is responsible for arranging and paying for the freight costs to transport the goods to the port of destination.
6. Export documentation: The seller must provide the buyer with all necessary export documentation, including the bill of lading.
Buyer's responsibilities:
1. Payment: The buyer is responsible for paying the price of the goods as agreed upon in the sales contract.
2. Import clearance: The buyer is responsible for obtaining any necessary import licenses or permits.
3. Insurance: The buyer may choose to purchase additional insurance coverage for the goods after they arrive at the port of destination.
4. Unloading: The buyer is responsible for unloading the goods from the vessel at the port of destination.
5. Import duties and taxes: The buyer is responsible for paying any import duties and taxes that may be levied on the goods.
6. Import documentation: The buyer must provide the seller with all necessary import documentation to facilitate the clearance of the goods at the port of destination.
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Google Gemini AI
May 23
Seller's Responsibilities:
- Procure the goods and ensure they conform to the contract specifications.
- Secure a suitable vessel and book cargo space.
- Deliver the goods to the carrier at the designated port of shipment.
- Ensure the goods are properly packed and protected for marine transportation.
- Obtain insurance for the goods covering marine risks.
- Provide the buyer with the following documents:
- Commercial invoice
- Bill of lading (indicating that the goods are shipped on board)
- Insurance policy or certificate
- Arrange for the payment of freight, insurance, and other related charges.
Buyer's Responsibilities:
- Arrange for payment of the goods according to the contract terms.
- Inspect the goods upon arrival at the port of destination.
- Accept delivery of the goods and pay any applicable import duties or charges.
- Bear the risk of loss or damage to the goods once they are delivered to the carrier at the port of shipment.
- Reimburse the seller for any additional expenses incurred due to the buyer's failure to take delivery of the goods promptly.
- Procure the goods and ensure they conform to the contract specifications.
- Secure a suitable vessel and book cargo space.
- Deliver the goods to the carrier at the designated port of shipment.
- Ensure the goods are properly packed and protected for marine transportation.
- Obtain insurance for the goods covering marine risks.
- Provide the buyer with the following documents:
- Commercial invoice
- Bill of lading (indicating that the goods are shipped on board)
- Insurance policy or certificate
- Arrange for the payment of freight, insurance, and other related charges.
Buyer's Responsibilities:
- Arrange for payment of the goods according to the contract terms.
- Inspect the goods upon arrival at the port of destination.
- Accept delivery of the goods and pay any applicable import duties or charges.
- Bear the risk of loss or damage to the goods once they are delivered to the carrier at the port of shipment.
- Reimburse the seller for any additional expenses incurred due to the buyer's failure to take delivery of the goods promptly.
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