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.
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