Import on CIF

When it comes to importing from China, you should carefully choose the most suitable Incoterms 2020. In terms of imports from China, the most popular Incoterms are the FOB and CIF rules. Import on CIF seems to be a very convenient solution since most of the obligations are placed on the seller. As the importer, you do not have to worry about concluding the contract of carriage from China and must only wait for the goods to arrive at the port of destination. However, importers that choose the CIF terms are usually unaware of the additional costs that await once the goods reach the port of destination. It is hard to oversee the costs of unloading goods. After that, import on CIF basis does not seem so favorable anymore.

Import on CIF
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Incoterms 2020 FOB and CIF

International Trade Rules, widely known as Incoterms, are updated every ten years. Incoterms define the conditions for the worldwide exchange of goods, namely the allocation of costs and obligations between the buyer and the seller. The latest Incoterms 2020 came into force on January 1, 2020. Of the eleven existing rules, especially two, are widely used in import – FOB and CIF. Check what the differences between Incoterms 2020 FOB and CIF are.

Incoterms 2020 FOB and CIF
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Comparison of Incoterms 2010 and Incoterms 2020

International Commercial Terms, also known as Incoterms, are a series of terms of sale that apply worldwide. Incoterms determine the allocation of costs and obligations of the seller and the buyer. These rules are updated every ten years. In Incoterms 2010, the number of rules has been reduced from 13 to 11 in comparison to Incoterms 2000. In Incoterms 2020, 11 rules divided into groups C, D, E and F still apply. Below we present you changes that will enter into force on January 1, 2020, known as Incoterms 2020. Check the differences between Incoterms 2010 and Incoterms 2020.

Comparison of incoterms 2010 and incoterms 2020

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Incoterms 2020 – what are the planned changes?

International Incoterms commercial rules set the terms of sale and purchase. International Chamber of Commerce introduces modifications every decade to clarify ambiguities and adapt the rules to changes in international trade. Currently, the Incoterms 2010 rules are in force, but the proposals for Incoterms 2020 changes have already been presented. ICC will announce the set of new rules at the end of 2019. On January 1, 2020 they will come into force. Knowledge of them is crucial when placing an order and signing a contract with a Chinese partner. We describe the planned changes so that you can prepare for the introduction of Incoterms 2020.

Incoterms 2020

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