What is CIF?

It means that after the goods are loaded into the cabin, the seller completes the delivery task. However, the freight and insurance premium of the goods from the port of shipment to the port of destination shall be borne by the seller. The risk of damage and loss of the goods after shipment shall be borne by the buyer. After the buyer finds the damage and loss, he can find the insurance company to compensate for the loss.

What is the responsibility of CIF seller?

The Seller shall pack and pack the goods within the time limit specified in the contract after the goods are produced and confirmed by the buyer.

The Seller shall book the space by himself and pay the sea freight of the goods to the port of destination. It is also necessary to handle the transportation insurance of goods and pay the insurance premium. Be responsible for handling the export formalities of goods and obtaining the export license of domestic customs. After the goods go to sea, the seller also needs to provide the buyer with commercial invoice, insurance policy and bill of lading.

What is the responsibility of CIF buyer?

The buyer shall pay the price specified in the contract. After the production of the goods is confirmed to be correct, the buyer shall provide complete receiving information and prepare for receiving the goods. After the seller loads the goods, all costs and risks will be transferred to the buyer. It is expected that there will be a week for the goods to arrive at the port. The freight forwarder will contact the buyer to assist in handling the import formalities, and the buyer will pay the fees and taxes at the port of destination. The tax can be paid according to the actual situation of the goods. If it is not a direct ship, it needs to stay at the transfer port before arriving at the destination port, and customs clearance and taxes may need to be prepaid at the transfer port.