How should businesses refer to the specific version of Incoterms being used in their contracts?

Jun 19, 2024 ... This post compares two widely-used Incoterms: CIF (Cost, Insurance, and Freight) and EXW (Ex Works). Incoterms. 2.1 The CIF or CFR section, as applicable, of the Incoterms 2020 is incorporated herein. 3. Conflicts in terms. 3.1 If any terms conflict, the ... Jun 13, 2023 ... This article will unpack two commonly used Incoterms, CIF, and CIP, and discuss their differences, benefits, and risks. One type of agreement that can be used between buyer and seller is known as Cost, Insurance, and Freight (CIF). CIF is compatible with the 11 Incoterms and is a ... Sep 2, 2022 ... CIP vs CIF. Under the Carriage and Insurance Paid To (CIP) Incoterm, the seller must pay for the freight and obtain insurance to the named ... If the Incoterm used was CIF, the responsibility to pay for insurance and freight charges falls on the seller. The seller should have also provided all shipping ... Nov 28, 2019 ... What is CIF – Cost Insurance and Freight? Cost Insurance and Freight means that the seller delivers the goods to the buyer on board the vessel ... Jun 18, 2020 ... Incoterms only for sea and inland waterway transport: FAS, FOB, CFR and CIF. Each Incoterm contains a set of rules of interpretation for the ... May 24, 2022 ... Cost and Freight (CFR) and Cost, Insurance, and Freight (CIF) are the last two trade terms of the total 11 Incoterms® Rules, and apply only to sea and inland ... Feb 14, 2013 ... 1. CFR: Cost and Freight, aka C&F, aka CNF Definition: This acronym means that the seller covers all the costs of bringing goods from their origin to the port ...