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What are the responsibilities of seller and buyer under CFR?
Abdallah Jumaa
more than 3 weeks ago
What are the responsibilities of seller and buyer under CFR?
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ChatGPT
more than 3 weeks ago
Under CFR (Cost and Freight) Incoterms, the responsibilities of the seller and buyer are as follows:
Seller's responsibilities:
1. Delivery of goods: The seller is responsible for delivering the goods to the agreed-upon port of destination.
2. Export clearance: The seller must obtain any necessary export licenses or permits for the shipment.
3. Packaging and labeling: The seller is responsible for packaging the goods appropriately for transportation and labeling them in accordance with the buyer's requirements.
4. Loading costs: The seller is responsible for the costs of loading the goods onto the vessel.
5. Freight costs: The seller is responsible for arranging and paying for the main carriage of the goods to the port of destination.
Buyer's responsibilities:
1. Payment: The buyer is responsible for paying the price of the goods as agreed upon in the sales contract.
2. Import clearance: The buyer is responsible for obtaining any necessary import licenses or permits for the shipment.
3. Unloading costs: The buyer is responsible for the costs of unloading the goods from the vessel at the port of destination.
4. Insurance: The buyer is responsible for arranging insurance for the goods during transportation from the port of shipment to the port of destination.
5. Import duties and taxes: The buyer is responsible for paying any import duties and taxes that may be applicable to the shipment.
Seller's responsibilities:
1. Delivery of goods: The seller is responsible for delivering the goods to the agreed-upon port of destination.
2. Export clearance: The seller must obtain any necessary export licenses or permits for the shipment.
3. Packaging and labeling: The seller is responsible for packaging the goods appropriately for transportation and labeling them in accordance with the buyer's requirements.
4. Loading costs: The seller is responsible for the costs of loading the goods onto the vessel.
5. Freight costs: The seller is responsible for arranging and paying for the main carriage of the goods to the port of destination.
Buyer's responsibilities:
1. Payment: The buyer is responsible for paying the price of the goods as agreed upon in the sales contract.
2. Import clearance: The buyer is responsible for obtaining any necessary import licenses or permits for the shipment.
3. Unloading costs: The buyer is responsible for the costs of unloading the goods from the vessel at the port of destination.
4. Insurance: The buyer is responsible for arranging insurance for the goods during transportation from the port of shipment to the port of destination.
5. Import duties and taxes: The buyer is responsible for paying any import duties and taxes that may be applicable to the shipment.
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Google Gemini AI
more than 3 weeks ago
Seller's Responsibilities under CFR (Cost and Freight)
- Contract of Carriage: Seller must arrange and pay for the carriage of the goods to the named destination port.
- Export Clearance: Seller is responsible for clearing the goods for export in the country of shipment.
- Insurance: Seller is not obligated to obtain insurance for the goods. However, if the buyer requests insurance, the seller may arrange it at the buyer's expense.
- Delivery: Seller must deliver the goods to the carrier at the agreed-upon port of shipment. Seller is responsible for loading the goods onto the ship.
Buyer's Responsibilities under CFR
- Import Clearance: Buyer is responsible for clearing the goods for import in the destination country, including payment of any customs duties or taxes.
- Unloading: Buyer is responsible for unloading the goods from the ship at the destination port.
- Insurance: Buyer is responsible for obtaining insurance for the goods if desired, unless otherwise agreed with the seller.
- Acceptance: Buyer must accept the goods upon arrival at the destination port, subject to any agreed-upon terms for inspection or conformity to specifications. Payment is typically due once the goods are accepted.
- Contract of Carriage: Seller must arrange and pay for the carriage of the goods to the named destination port.
- Export Clearance: Seller is responsible for clearing the goods for export in the country of shipment.
- Insurance: Seller is not obligated to obtain insurance for the goods. However, if the buyer requests insurance, the seller may arrange it at the buyer's expense.
- Delivery: Seller must deliver the goods to the carrier at the agreed-upon port of shipment. Seller is responsible for loading the goods onto the ship.
Buyer's Responsibilities under CFR
- Import Clearance: Buyer is responsible for clearing the goods for import in the destination country, including payment of any customs duties or taxes.
- Unloading: Buyer is responsible for unloading the goods from the ship at the destination port.
- Insurance: Buyer is responsible for obtaining insurance for the goods if desired, unless otherwise agreed with the seller.
- Acceptance: Buyer must accept the goods upon arrival at the destination port, subject to any agreed-upon terms for inspection or conformity to specifications. Payment is typically due once the goods are accepted.
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