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ICC Official Rules for the Interpretation of Trade Terms The International Chamber of Commerce (ICC)s definitive explanation of all key Incoterms. This is the authoritative text for determining how costs and risks are allocated to the buying and selling parties, and for defining the responsibility of these parties for delivery of goods. Incoterms are regularly incorporated into sales contracts worldwide and are a part of the daily language of trade. They are the official rules for the worldwide interpretation of trade terms developed by the ICC, and are recognized by the United Nations Commission on International Trade Law as the global standard for trade term interpretation
Exactly the same as CFR except that the seller must in addition procure and pay for insurance for the buyer. Maritime transport only. CPT Carriage Paid To (named place of destination) The general/containerised/multimodal equivalent of CFR. The seller pays for carriage to the named point of destination, but risk passes when the goods are handed over to the first carrier. CIP Carriage and Insurance Paid (To) (named place of destination) The containerised transport/multimodal equivalent of CIF. Seller pays for carriage and insurance to the named destination point, but risk passes when the goods are handed over to the first carrier.