Question

GoGreen wants to import bioethanol from Brazil for blending. Its likely
terms of purchase would be CIFLisbon. Using the information covered in
this chapter, complete the following activities:
Explain what CIF Lisbon means.
2. Describe the risks, responsibilities and obligations of the supplier under the
terms CIF Lisbon.
3. Describe the risks, responsibilities and obligations of GoGreen under the
terms CIF Lisbon.
4. Study the Incoterms and state whether there is a more beneficial term of
trade for GoGreen’s importing activities. Explain your reasoning.

Answer 1

1.CIF stands for cost insurance and freight. The meaning of the term is that, it's the expense paid by the seller for expensesike insurance and freight on the order that is been placed

2. There are different kinds of risk responsibilities and obligations attached to the CIF libson : The seller must, subject to the provisions of B5, bear all risks of loss of or damage to the goods until such time as they have passed the ship’s rail at the port of shipment.

The seller must render the buyer at the buyer’s request, risk and expense, every assistance in obtaining any documents or equivalent electronic messages (other than those mentioned in A8) issued or transmitted in the country of shipment an/or of origin which the buyer may require for the import of the goods and, where necessary, for their transit through any country.

The seller must provide the buyer, upon request, with the necessary information for procuring any additional insurance.

Buyers obligation The buyer must pay all costs and charges incurred in obtaining the documents or equivalent electronic messages mentioned in A10 and reimburse those incurred by the seller in rendering its assistance in accordance therewith.

The buyer must provide the seller, upon request, with the necessary information for procuring insurance.

3. The risk , responsibility and obligations somehow remain the same even in the go green scenarios

4.Incoterms rules are a series of pre determined commercial terms by the renowned chambers of commerce that are widely used as a basis of many procedural transactions

It will be beneficial for the go green cif