CARM: What all importers need to know about CARM

Terminology

C

CIF, Cost, Insurance and Freight

Under CIF Incoterms, the seller pays to bring the goods to the named port of destination, but the risk of loss or damage and any costs relating to the goods while in transit pass to the buyer once the goods are on board the vessel. Seller must also contract for insurance against the buyer’s risk of loss of or damage to the goods during carriage. (For a complete list of Incoterm definitions including a chart of buyer and seller responsibilities, see Universal’s Incoterms 2010.)

Quick Tip #59
Know what information is required under ACI

Under the Advance Commercial Information (ACI) initiative, the following information must be transmitted electronically to the Canada Border Services Agency (CBSA) prior to shipment arrival:

Switch to a Logistics
Partner Who Cares

Click the button below to find out why we’ve been Canada’s most trusted freight forwarder and customs broker for over 70 years.

Professional business people team meeting and working in corporate office concept

Register now to learn more about our

101 Logistics Quick Tips

Available exclusively from Universal Logistics