When a seller and a buyer enters into a sales contract, they would need to specify a lot of details eg method of payment, what are the goods (quantity and quality), delivery dates, documents required etc
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There are 11 Incoterm rules in the current Incoterms 2010 published by the International Chamber of Commerce. They are: EXW, FOB, FAS, FCA, CFR, CIF, CPT, CIP, DAT,DAP,DDP.
The Incoterm rules describe mainly the tasks, costs and risks involved in the delivery of goods from the sellers to buyers.
Under CIF which belongs to Incoterms Group C – Main Carriage Paid, the seller nominates the vessel and pays the cost and freight to bring the goods right to Port of Destination. The seller also arrange for insurance cover.
In this video we look at two key questions which is
1. At what point can we say that the Seller has delivered the goods to the Buyer
2. If the goods are damaged along the way, who bears the risk of loss or damage to the goods?
Under Guidance Note of Incoterms 2010 Rules published by ICC, you will find that ICC define delivery of CIF as follows:
Cost, Insurance and Freight means that the seller delivers the goods on board the vessel or procures the goods already so delivered. The risks of loss of or damage to the goods passes when the goods are on board the vessel. The seller must contract for and pay the costs and freight necessary to bring the goods to the named port of destination.
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This video was produced by
1. Mr. Billy Fong Goon Poy, ACIB, MITD, Master Trainer
2. Ms Sook Ling, Online Content Creator
Tradelinks Resources conducts public training programs for the following International Trade courses in Malaysia
1. Incoterms 2010
2. Letters of Credit
3. Bills of Lading – Correct Preparation To Avoid Rejection by Banks
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