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Understanding the Correct Point of Delivery in CIF Incoterms

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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 -- Equipment Used : Laptop : https://amzn.to/2vfT0Yy Microphone Stand : https://amzn.to/2H0bzli Microphone : https://amzn.to/2IT3ob0 Audio Interface : https://amzn.to/2GTAcjn Earphones : https://amzn.to/2JGbipd Camera Stand : https://amzn.to/2JEHOIt Camera : https://amzn.to/2GVE4Ak Screen Prompt : https://amzn.to/2GVfhAF INCOTERMS They would also indicate what is the Incoterm Rules to be used. 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. -- ► Subscribe to my Channel https://www.youtube.com/c/TradelinksR... ► Follow My Website: https://tradelinks.com.my/ -- 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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Text Comments (10)
Tradelinks Resources (11 months ago)
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kennayuk (3 days ago)
What happens if in practice buyer pays the costs and freight under CIF contract and goods are notice to be damaged before they are loaded into the vessel?
Vasya Rizov (21 days ago)
What's wrong with her accent ?!)
Ahmed 3bas (1 month ago)
1.A 2.Buyer
chandboju (5 months ago)
Answers 1. B 2. Seller
Vân Anh Nguyen (7 months ago)
1) Point B 2) Sellers is responsible for damaged goods.
Sudana Exports (9 months ago)
1) Point B 2) Sellers is responsible for damaged goods
Vân Anh Nguyen (7 months ago)
Hi. I think that depends on negotiation between the Seller and the Buyer. I don't get your idea. "what if buyer wishes to have his freight forwarder at his country for clearance" Do you mean the clearance in Buyer's country? If so, it is certainly the Buyer takes that task. If you mean the Clearance in Seller's country, I think it should be FOB or FCA.
Sudana Exports (9 months ago)
Hi, You mean In CIF , Seller arranges the freight forwarder in his country, pay for freight and Insurance but what if buyer wishes to have his freight forwarder at his country for clearance.is it possible for him to do that as per the giudelines
Tradelinks Resources (9 months ago)
thanks for putting your answer in the comment section

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