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CFR Trade Terms-Shipping Terms-CFR International

by:VIPUTRANS     2020-06-02
CFR is also known as CNF (COST AND FREIGHT), which is cost plus freight (designated destination port). According to the 1990 General Regulations, it means that the seller must deliver the goods to the ship destined for the port of destination at the port of shipment within the shipping period specified in the contract, and must bear all the costs of the goods over the ship's side and the loss or damage of the goods Risk, and is responsible for chartering or booking, to pay the normal freight to the destination port. CFR meaning CFR is also known as CNF (COST AND FREIGHT), which is cost plus freight (designated destination port). According to the 1990 General Regulations, it means that the seller must deliver the goods to the ship destined for the port of destination at the port of shipment within the shipping period specified in the contract, and must bear all the costs of the goods over the ship's side and the loss or damage of the goods Risk, and is responsible for chartering or booking, to pay the normal freight to the destination port. Buyer and seller obligations Buyer ’s obligations: Pay the price according to the contract; Go through the import formalities of goods, obtain an import license or other approvals; Should bear all the costs and risks of the goods after crossing the ship's rail at the port of shipment; Go through all insurance procedures and pay insurance premiums; Collect the goods delivered by the seller according to the contract, and accept the documents in accordance with the contract. Seller ’s obligations: Obtain an export license or other officially approved documents at your own risk and expense, and go through all customs procedures required for export of goods when customs procedures are required. Provide the buyer with the usual shipping documents. If the buyer and seller agree to use electronic communications, all the documents can be replaced by electronic data interchange (EDI) information of equal effect. Sign a transportation contract to ship the goods from the designated port of shipment to the designated port of destination; at the time and port stipulated in the sale and purchase contract, load the goods on board and pay the freight to the port of destination; notify the buyer in time after shipment. All risks shall be assumed until the cargo crosses the ship's rail at the port of shipment.
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