The following Commercial guidance note provides comprehensive and up to date legal information covering:
This Practice Note comprises the guidance note to the CIF Cost insurance and freight Incoterm in the Incoterms® 2020 rules, produced here with the permission of ICC Publishing SA. Incoterms® 2020 rules and other ICC publications are available from ICC Publishing SA, 38 Cours Albert 1er, 75008 Paris, France and from ICC United Kingdom, 12 Grosvenor Place, London, SW1X 7HH, UK, and www.iccbooks.com.
Incoterms® 2020 rules came into force on 1 January 2020, and updated the Incoterms® 2010 rules to reflect changes to the market over the last decade. For the CIF Incoterm valid up until that date, see Practice Note: Incoterms® 2010 Rules—CIF Cost insurance and freight.
CIF (insert named port of destination) Incoterms® 2020
‘Cost, Insurance and Freight’ means that the seller delivers the goods to the buyer
on board the vessel
or procures the goods already so delivered
The risk of loss of or damage to the goods transfers when the goods are on board the vessel, such that the seller is taken to have performed its obligation to deliver the goods whether or not the goods actually arrive at their destination in sound condition, in the stated quantity or, indeed, at all.
This rule is to be used only for sea or inland waterway
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