What is Incoterms in Import Export Business? #CIFIncoterms #incoterms2020 

Incoterms are basically the standard terms in the import export business that is revised or updated every ten years by the International Chamber of Commerce (ICC). Soon the ICC will update the Incoterms for 2020 with the renowned regulations. Incoterms smoothens the business process and helps the importer or the exporter to follow a basic and systematic approach towards the trade.

***    Types of Incoterms  ****

1. CIF (Cost, Insurance and Freight)

2. CIP (Carriage and Insurance Paid to)

3. CFR (Cost and Freight)

4. CPT (Carriage paid to)

5. DAT (Delivered at Terminal)

6. DAP (Delivered at Place)

7. DDP (Delivery Duty Paid)

8. EXW (Ex Works)

9. FAS (Free Alongside Ship)

10. FCA (Free Carrier)

11. FOB (Free on Board)

What Is Cost, Insurance, and Freight (CIF) ?

Cost, Insurance, and Freight (CIF) is an expense paid by a seller to cover the costs, insurance, and freight against the possibility of loss or damage to a buyer's order while it is in transit to an export port named in the sales contract. Until the loading of the goods onto a transport ship is complete, the seller bears the costs of any loss or damage to the product. Further, if the product requires additional customs or export paperwork or requires inspections or rerouting, the seller must cover these expenses. Once the freight loads, the buyer becomes responsible for all other costs. It is similar, but different to Carriage and Insurance Paid To (CIP).

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