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Incoterms CFR Checklist: Shipping from Oakland to Busan using a Letter of Credit

CFR Incoterms Checklist: Shipping from the Port of Oakland to the Port of Busan using a Letter of Credit

Seller Checklist:

General Obligations:

  • Provide goods that meet the agreed specifications
  • Obtain necessary export/import licenses
  • Comply with local laws and regulations
  • Provide documentation as required by the buyer

Delivery/Taking Delivery:

  • Arrange for transport of the goods to the port of Oakland
  • Ensure the goods are ready for loading onto the vessel
  • Obtain necessary documentation for taking delivery of the goods at the port of Oakland

Transfer of Risks:

  • Bear risks until the goods have been loaded onto the vessel
  • Obtain insurance for the goods until they reach the port of Busan

Carriage:

  • Arrange for the carriage of the goods from the port of Oakland to the port of Busan
  • Ensure the goods are loaded onto the vessel as per the buyer's instructions
  • Obtain necessary documentation for the carriage of the goods

Insurance:

  • Obtain insurance for the goods until they reach the port of Busan

Delivery/Transport Document:

  • Provide the buyer with the necessary documents for taking delivery of the goods at the port of Busan
  • Provide the buyer with a clean bill of lading

Export/import clearance:

  • Obtain necessary export/import clearance for the goods

Checking/packaging/marking:

  • Check the goods for any damages before loading onto the vessel
  • Package the goods as per the buyer's instructions
  • Mark the goods as per the buyer's instructions

Allocation of costs:

  • Pay for all costs related to the carriage of the goods from the port of Oakland to the port of Busan
  • Obtain reimbursement for any costs incurred as per the agreed Incoterm CFR

Notices:

  • Notify the buyer of the expected delivery date and time at the port of Busan

Buyer Checklist:

 

General Obligations:

  • Make payment as per the agreed Letter of Credit terms
  • Comply with local laws and regulations
  • Provide necessary documentation as required by the seller

Delivery/Taking Delivery:

  • Arrange for transport of the goods from the port of Busan to the final destination
  • Ensure the goods are taken delivery of as per the agreed terms

Transfer of Risks:

  • Bear risks from the time the goods are loaded onto the vessel until they are taken delivery of at the final destination

Carriage:

  • Arrange for the carriage of the goods from the port of Busan to the final destination
  • Provide necessary documentation for the carriage of the goods

Insurance:

  • Obtain insurance for the goods from the time they are taken delivery of at the port of Busan until they reach the final destination

Delivery/Transport Document:

  • Obtain necessary documents for taking delivery of the goods at the port of Busan
  • Obtain a clean bill of lading

Export/import clearance:

  • Obtain necessary export/import clearance for the goods

Checking/packaging/marking:

  • Check the goods for any damages upon taking delivery at the port of Busan
  • Ensure the goods are packaged and marked as per the agreed terms

Allocation of costs:

  • Pay for all costs related to the carriage of the goods from the port of Busan to the final destination
  • Reimburse the seller for any costs incurred as per the agreed Incoterm CFR

Notices:

  • Notify the seller of the expected delivery date and time at the final destination.